HomeMy WebLinkAbout2016 CAFR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2016
Prepared By:
Finance Department
Shelly Rueckert,
Finance Director
- This page intentionally left blank -
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 27
Statement of Activities Statement 2 28
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 30
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds Statement 4 32
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds Statement 5 34
Statement of Net Position - Proprietary Funds Statement 6 35
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 7 36
Statement of Cash Flows - Proprietary Funds Statement 8 37
Statement of Fiduciary Net Position - Fiduciary Fund Statement 9 38
Notes to Financial Statements 39
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund Statement 10 90
Schedule of Funding Progress - Other Post Employment Benefits Plan Statement 11 95
Schedule of Proportionate Share of Net Pension Liability - General Employees
Retirement Fund Statement 12 96
Schedule of Pension Contributions - General Employees Retirement Fund Statement 13 97
Schedule of Proportionate Share of Net Pension Liability - Public Employees Police
and Fire Fund Statement 14 98
Schedule of Pension Contributions - Public Employees Police and Fire Fund Statement 15 99
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 16 100
Schedule of Contributions - St. Anthony Fire Department Relief Association Statement 17 101
Notes to RSI 103
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 21 116
Subcombining Balance Sheet - Nonmajor Debt Service Funds Statement 22 120
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Debt Service Funds Statement 23 121
Subcombining Balance Sheet - Nonmajor Capital Project Funds Statement 24 124
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds Statement 25 126
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Community Center Fund Statement 26 128
Police Forfeiture Fund Statement 27 129
Recycling Fund Statement 28 130
HRA Fund Statement 29 131
Fire Education/Training Fund Statement 30 132
Statement of Changes in Assets and Liabilities - Agency Fund Statement 31 133
Supplementary Financial Information:
Street Improvement Debt Service Fund:
Balance Sheet Exhibit 1 136
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 2 138
HRA TIF Debt Service Fund:
Balance Sheet Exhibit 3 140
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 4 141
HRA TIF Improvements Fund:
Balance Sheet Exhibit 5 142
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 6 143
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Street Improvement Project Fund:
Balance Sheet Exhibit 7 144
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 8 145
Water/Sewer/Water Plant Enterprise Fund:
Schedule of Revenues, Expenses and Changes in Fund Net Position Exhibit 9 146
Financial Trends:
Net Position by Component Table 1 148
Changes in Net Position Table 2 150
Fund Balances - Governmental Funds Table 3 154
Changes in Fund Balances - Governmental Funds Table 4 156
Revenue Capacity:
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 158
Direct and Overlapping Property Tax Rates Table 6 159
Principal Property Taxpayers Table 7 160
Property Tax Levies and Collections Table 8 161
Debt Capacity:
Ratios of Outstanding Debt by Type Table 9 162
Direct and Overlapping Governmental Activities Debt Table 10 165
Legal Debt Margin Information Table 11 166
Pledged Revenue Coverage Table 12 168
Demographic and Economic:
Demographic and Economic Statistics Table 13 172
Principal Employers Table 14 173
Operating Information:
Full-Time Equivalent City Government Employees by Function/Program Table 15 174
Operating Indicators by Function/Program Table 16 176
Capital Asset Statistics by Function/Program Table 17 178
III. STATISTICAL SECTION (Unaudited)
- This page intentionally left blank -
I. INTRODUCTORY SECTION
1
- This page intentionally left blank -
2
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 1, 2017
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, 2016.
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, 2016. 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 9,277.
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.
3
The City is served by Independent School District (ISD) #282 (St. Anthony), which has a
2015/2016 enrollment of approximately 1,871, 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 1(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 15th. The City Council is required to hold public hearings on the
proposed budget and to adopt a final budget by December 31, the close of the City of St.
Anthony’s fiscal year.
The appropriated budget is prepared for the General Fund by function (e.g., public safety),
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.
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.
4
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.
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 and Building Improvement levies, 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.
5
SHARED SERVICES
Grants: Each year, the City actively participates in Federal, State and County administered
grants. In 2016 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. Hennepin County Recycling Grant.
F. Ramsey County Recycling Grant.
G. United States Army Funding of water treatment plant expansion
H. Metropolitan Council Inflow and Infiltration Grant
I. Hennepin County Pollinator Pathway Grant
Partnerships: The City partners with local businesses, civic organizations, School District 282,
Community Services 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
6
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, 2016
7
8
II. FINANCIAL SECTION
9
- This page intentionally left blank -
10
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, 2016, 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, 2016, 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.
Report on Summarized Comparative Information
We have previously audited the City of St. Anthony, Minnesota’s 2015 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 9, 2016. In our opinion, the summarized
comparative information presented herein as of and for the year ended December 31, 2015 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, the Schedules of
Pension Contributions, and the Schedule of Changes in the Net Pension Liability and Related
Ratios, on pages 15-24 and 90-103, 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 assurance on the
information because the limited procedures do not provide us with sufficient evidence to express
an opinion or provide any assurance.
12
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 1,
2017, 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 1, 2017
13
- This page intentionally left blank -
14
MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of St. Anthony, Minnesota, we offer readers of the City of St.
Anthony, Minnesota’s financial statements this narrative overview and analysis of the financial
activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2016.
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 $35,402,281 (net position).
The City’s total net position increased by $11,218,336 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 $20,844,111, an increase of $13,293,951 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
$2,204,185 or 33% of total General Fund Budget expenditures.
The City of St. Anthony’s total bonded debt increased by $165,000 (1%) during the current
fiscal year. The key factors in this increase were: 1) principal retirement of $2,735,000; 2)
issuance of the 2016A $1,455,000 G.O. Improvement bonds and 2016B $1,445,000 G.O. Tax
Abatement bonds.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of St. Anthony,
Minnesota’s basic financial statements. The City of St. Anthony, Minnesota’s basic financial
statements comprise three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the City of St. Anthony, Minnesota’s
finances, in a manner similar to a private-sector business.
The statement of net 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).
15
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.
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 18 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, Street
Improvement Projects and Public Utilities Infrastructure, all of which are considered to be major
funds. Data from the other 18 governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these non-major governmental funds is provided
in the form of combining and sub-combining statements and schedules elsewhere in this report.
16
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.
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
$35,402,281 at the close of the most recent fiscal year.
17
City of St. Anthony, Minnesota’s Net Position
Governmental Activities Business-Type Activities Totals
2016 2015 2016 2015 2016 2015
Current and other assets $24,966,779 $10,650,903 $3,802,270 $6,591,829 $28,769,049 $17,242,732
Capital assets 35,456,075 34,662,848 15,218,139 13,394,598 50,674,214 48,057,446
Total assets $60,422,854 $45,313,751 $19,020,409 $19,986,427 $79,443,263 $65,300,178
Total deferred outflows of resources $9,856,765 $1,080,208 $0 $0 $9,856,765 $1,080,208
Long term liabilities outstanding $44,445,048 $35,227,963 $1,206,582 $1,329,496 $45,651,630 $36,557,459
Other liabilities 5,894,888 4,013,993 630,878 864,088 6,525,766 4,878,081
Total liabilities $50,339,936 $39,241,956 $1,837,460 $2,193,584 $52,177,396 $41,435,540
Total deferred inflows of resources $1,720,351 $760,901 $0 $0 $1,720,351 $760,901
Net position:
Invested in capital assets net of related debt $10,024,670 $10,604,121 $14,011,168 $12,143,158 $24,035,838 $22,747,279
Restricted 6,308,547 6,178,866 - - 6,308,547 6,178,866
Unrestricted 1,886,115 (10,391,885) 3,171,781 5,649,685 5,057,896 (4,742,200)
Total net position $18,219,332 $6,391,102 $17,182,949 $17,792,843 $35,402,281 $24,183,945
The City’s net position increased by $11,218,336 in 2016. The increase was primarily due to the
United States Army settlement proceeds of $10,565,371.
City of St. Anthony, Minnesota’s Changes in Net Position
Governmental Activities Business-Type Activities Totals
2016 2015 2016 2015 2016 2015
Revenues:
Program revenue:
Charges for services $2,212,526 $2,414,912 $7,954,087 $7,793,551 $10,166,613 $10,208,463
Operating grants and contributions 10,969,360 499,126 130,932 - 11,100,292 499,126
Capital grants and contributions 1,643,911 1,367,745 1,166,747 - 2,810,658 1,367,745
General revenue:
Property taxes 6,160,156 5,893,900 - - 6,160,156 5,893,900
Other taxes 1,455,090 1,121,627 - - 1,455,090 1,121,627
Grants and contributions
not restricted to specific programs 530,110 516,015 - - 530,110 516,015
Other 1,468,922 326,589 95,902 175,071 1,564,824 501,660
Total revenues 24,440,075 12,139,914 9,347,668 7,968,622 33,787,743 20,108,536
Expenses:
General government 1,319,451 1,342,360 - - 1,319,451 1,342,360
Public safety 7,053,595 4,757,637 - - 7,053,595 4,757,637
Public works 4,134,783 2,741,411 - - 4,134,783 2,741,411
Parks and recreation 472,436 592,892 - - 472,436 592,892
Housing and redevelopment 793,834 596,444 - - 793,834 596,444
Interest on long-term debt 794,584 845,856 - - 794,584 845,856
Liquor - - 5,676,892 5,728,876 5,676,892 5,728,876
Water - - 1,083,240 869,446 1,083,240 869,446
Water filtration and purification - - - 185,964 - 185,964
Sewer - - 1,048,937 - 1,048,937 -
Stormwater - - 191,655 1,051,261 191,655 1,051,261
Total expenses 14,568,683 10,876,600 8,000,724 7,835,547 22,569,407 18,712,147
Excess before transfers 9,871,392 1,263,314 1,346,944 133,075 11,218,336 1,396,389
Transfers 1,956,838 (6,053,216) (1,956,838) 6,053,216 - -
Increase (decrease) in net position 11,828,230 (4,789,902) (609,894) 6,186,291 11,218,336 1,396,389
Net position - January, as previously reported 6,391,102 15,524,257 17,792,843 11,606,552 24,183,945 27,130,809
Prior period adjustment - (4,343,253) - - - (4,343,253)
Net position - January, as restated 6,391,102 11,181,004 17,792,843 11,606,552 24,183,945 22,787,556
Net position - December 31 $18,219,332 $6,391,102 $17,182,949 $17,792,843 $35,402,281 $24,183,945
18
Governmental Activities. Governmental activities increased the City of St. Anthony’s net
position by $11,828,230 compared to prior year decrease of $4,789,902. The key element for this
change relates to the City receiving $10,565,371 from the United States Army for the expansion
of the water treatment facility and other related costs.
Additionally, increases in Governmental Activities expenses, for the most part, closely paralleled
the combining factors of inflation and growth in the demand for services.
19
Business-type activities. Business-type activities decreased net position by $609,894. The key
factor for the decrease was closing and distribution of assets of the Water Plant Fund.
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 $20,844,111, an increase of $13,293,951 in
comparison with the prior year amounts.
The ending fund balance by GASB 54 designation is as follows:
Nonspendable $172,670
Restricted 6,907,253
Committed 105,503
Assigned 13,148,229
Unassigned 510,456
Total $20,844,111
20
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 $2,204,185, while
total fund balance reached $2,319,667. 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 30% of total General Fund expenditures and
total fund balance represents 32% of that same amount.
During the current fiscal year, the fund balance in the General Fund decreased by $126,345.
The Street Improvement Debt Service Fund increased by $328,598 as revenue exceeded
expenses by $112,860 along with other financing sources of $215,738.
The HRA TIF Improvement Fund increased by $134,134, substantially due to greater Tax
Increment revenues.
The Street Improvement Project Funds increased by $1,398,195. This increase includes
$1,094,828 in reimbursement in construction costs for a street shared with another city. In
addition overall street construction costs decrease by $303,390 compared to 2015.
Non-major Special Revenue Funds increased by $30,488 resulting in an ending balance of
$107,528, substantially due to reduced Community Center operating expenditures of $20,369
and an overall increase in special funds revenue of $8,883.
Non-major Debt Service Funds had a total fund balance of $905,961, $906,411 of which is
restricted for the payment of debt service. The net increase in fund balance during the current
year in the non-major debt service funds was $35,866, substantially due to revenues being
greater than debt service expenditures by that amount.
Non-major Capital Project Funds had a total fund balance of $1,945,769, an increase of
$1,392,859, substantially due to $1,053,004 in Municipal State Aid revenue in 2016.
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 $17,320,726. The total net position for each fund was:
Liquor – $2,128,598; Water and Sewer – $8,026,604; Stormwater Utility - $7,165,524.
21
General Fund Budgetary Highlights
Variances from actual to budget can be briefly summarized as follows:
Licenses and permits were $81,528 greater than budget primarily due to construction
related permits being $72,046 greater than budget due to a high level of activity.
General property taxes were $6,537 less than budget due to delinquent tax and excess tax
increment collections being less than budgeted offset by greater collections in current
taxes.
Charges for services were less than budget by $67,670 mainly 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 $226,091 greater than budget due to: dividends distributed by the
League of Minnesota Insurance Trust for Property and Casualty insurance were $41,430
greater than budget for 2016; $36,179 in unbudgeted insurance proceeds were received in
2016 and $135,331 in settlement proceeds from the United States Army for staff labor
costs.
Planning and Zoning other services and charges were greater than budget by $50,936 due
to costs associated in preparing the city’s comprehensive plan update.
Public Works was $160,935 less than budget due to: contracted gasoline price per gallon
being less than budgeted; mild winter conditions resulted in savings on road chemicals
and sand; street repair and maintenance costs were less than budgeted and staff turnover
created savings to budget for 2016.
Police protection was $598,720 more than budget due to the result of changes in benefit
elections; personnel succession costs and the City’s response costs.
Protective Inspections – other services and charges was $34,729 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, 2016 amounts to $50,674,214 (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 5.45%.
Major capital asset events during the current fiscal year included the following:
The annual street reconstruction and infrastructure improvement projects are reflected in the
Construction in progress along with the highway safety improvement project, the Mirror
Lake storm water project and the construction of an addition to the water plant for the
advanced oxidation treatment process.
22
City of St. Anthony, Minnesota’s Capital Assets
Governmental Activities Business-Type Activities Totals
2016 2015 2016 2015 2016 2015
Land $1,662,883 $1,662,883 $2,089,954 $2,089,954 $3,752,837 $3,752,837
Land improvement 555,181 555,181 - - 555,181 555,181
Buildings and structures 10,002,287 9,966,796 4,118,781 3,883,283 14,121,068 13,850,079
Furniture and fixtures 4,156,947 3,994,838 1,563,898 1,726,693 5,720,845 5,721,531
Software intangibles 6,823 6,823 26,022 26,022 32,845 32,845
Infrastructure/streets 35,167,341 33,806,042 13,000,946 10,261,912 48,168,287 44,067,954
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 (20,798,119) (18,924,558) (8,073,528) (7,574,877) (28,871,647) (26,499,435)
Construction in progress 4,274,263 3,166,374 238,919 728,464 4,513,182 3,894,838
Total $35,456,075 $34,662,848 $15,218,139 $13,394,598 $50,674,214 $48,057,446
Additional information on the City of St. Anthony, Minnesota’s capital assets can be found in
Note 5.
Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
total bonded debt outstanding of $32,775,000. Of this amount, $24,225,000 comprises debt
backed by special assessments and the full faith and credit of the City, $7,450,000 is backed by
tax increments and $1,100,000 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 $813,439, net pension liability of $14,584,653,
and OPEB liability of $664,590.
City of St. Anthony, Minnesota’s Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Totals
2016 2015 2016 2015 2016 2015
General obligation bonds $24,225,000 $23,530,000 $ - $ - $24,225,000 $23,530,000
G.O. revenue bonds - - 1,100,000 1,215,000 1,100,000 1,215,000
G.O. tax increment bonds 7,450,000 7,865,000 - - 7,450,000 7,865,000
Issuance premiums (discounts) 620,404 618,259 31,932 36,440 652,336 654,699
Total $32,295,404 $32,013,259 $1,131,932 $1,251,440 $33,427,336 $33,264,699
The City of St. Anthony’s total bonded debt increased $165,000 (.51%) during the current fiscal
year. The key factors in this increase were: 1) principal retirement of $2,735,000; 2) issuance of
the 2016A $1,455,000 G.O. Improvement bonds and 2016B $1,445,000 G.O. Tax Abatement
bonds.
The City of St. Anthony, Minnesota maintains an “AA” rating from Standard and Poor’s for
general obligation debt. State statutes limit the amount of general obligation debt the City may
issue to 3% of its total market value. The current debt limitation for the City of St. Anthony,
Minnesota is $24,651,217, which is in excess of the City of St. Anthony, Minnesota’s
$3,995,000 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.
23
Economic Factors and Next Year’s Budgets and Bond Rating comments
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
2017 fiscal year.
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.
24
BASIC FINANCIAL STATEMENTS
25
- This page intentionally left blank -
26
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2016
With Comparative Totals For December 31, 2015
Governmental Business-Type
Activities Activities 2016 2015
Assets:
Cash and investments $20,937,376 $2,355,300 $23,292,676 $12,544,519
Accrued interest 26,021 - 26,021 25,813
Due from other governmental units 1,511,625 176,923 1,688,548 839,752
Internal balances 137,777 (137,777) - -
Accounts receivable - net 41,265 518,473 559,738 593,322
Prepaid items 169,260 31,127 200,387 134,686
Property taxes receivable 213,984 689 214,673 167,578
Special assessments receivable 1,685,223 14,435 1,699,658 1,865,316
Funds held for others 43,765 - 43,765 71,941
Inventories - at cost 3,410 843,100 846,510 848,237
Capital assets - net:
Nondepreciable 5,937,146 2,328,873 8,266,019 7,647,675
Depreciable 29,518,929 12,889,266 42,408,195 40,409,771
Net pension asset 197,073 - 197,073 151,568
Total assets 60,422,854 19,020,409 79,443,263 65,300,178
Deferred outflows of resources:
Related to pensions 9,856,765 - 9,856,765 1,080,208
Liabilities:
Accounts payable 987,821 203,152 1,190,973 890,170
Contracts payable 803,724 75,038 878,762 351,349
Deposits payable 2,000 66,795 68,795 73,555
Due to other governmental units 40,729 71,248 111,977 127,645
Salaries payable 64,884 24,752 89,636 64,688
Accrued interest payable 338,067 9,167 347,234 306,875
Compensated absences payable:
Due within one year 208,086 51,218 259,304 260,081
Due in more than one year 444,852 109,283 554,135 570,398
Bonds and notes payable (net of unamortized
premiums and discounts):
Due within one year 3,449,577 129,508 3,579,085 2,803,718
Due in more than one year 28,845,827 1,002,425 29,848,252 30,460,981
Other post employment benefits:
Due in more than one year 569,716 94,874 664,590 601,108
Net pension liability:
Due in more than one year 14,584,653 - 14,584,653 4,924,972
Total liabilities 50,339,936 1,837,460 52,177,396 41,435,540
Deferred inflows of resources:
Related to pensions 1,720,351 - 1,720,351 760,901
Net position:
Net investments in capital assets 10,024,670 14,011,168 24,035,838 22,747,279
Restricted for:
Debt service 6,282,913 - 6,282,913 6,147,172
Redevelopment activity - - - 12,411
Public safety 25,634 - 25,634 19,283
Unrestricted 1,886,115 3,171,781 5,057,896 (4,742,200)
Total net position $18,219,332 $17,182,949 $35,402,281 $24,183,945
Total
Primary Government
The accompanying notes are an integral part of these financial statements.
27
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
Program Revenues
Charges For
Functions/Programs Expenses Services
Primary government:
Governmental activities:
General government $1,319,451 $391,892
Public safety 7,053,595 1,404,923
Public works 4,134,783 175,539
Parks and recreation 472,436 240,172
Housing and redevelopment 793,834 -
Interest on long-term debt 794,584 -
Total governmental activities 14,568,683 2,212,526
Business-type activities:
Liquor 5,676,892 5,822,783
Water 1,083,240 925,577
Water filtration and purification - -
Sewer 1,048,937 1,012,979
Stormwater 191,655 192,748
Total business-type activities 8,000,724 7,954,087
Total primary government $22,569,407 $10,166,613
The accompanying notes are an integral part of these financial statements.
28
Statement 2
Operating Capital
Grants and Grants and Governmental Business-Type
Contributions Contributions Activities Activities 2016 2015
$182,919 $ - ($744,640) $ - ($744,640) ($914,036)
342,663 - (5,306,009) - (5,306,009) (3,026,820)
10,443,778 1,643,911 8,128,445 - 8,128,445 (853,373)
- - (232,264) - (232,264) (358,288)
- - (793,834) - (793,834) (596,444)
- - (794,584) - (794,584) (845,856)
10,969,360 1,643,911 257,114 0 257,114 (6,594,817)
- - - 145,891 145,891 165,040
130,932 - - (26,731) (26,731) 30,966
- - - - - (140,309)
- - - (35,958) (35,958) (97,693)
- 1,166,747 - 1,167,840 1,167,840 -
130,932 1,166,747 0 1,251,042 1,251,042 (41,996)
$11,100,292 $2,810,658 257,114 1,251,042 1,508,156 (6,636,813)
General revenues:
General property taxes 6,160,156 - 6,160,156 5,893,900
Tax increment taxes 1,455,090 - 1,455,090 1,121,627
Grants and contributions not
restricted to specific programs 530,110 - 530,110 516,015
Unrestricted investment earnings 254,396 31,097 285,493 232,430
Gain on sale of capital assets 7,151 1,350 8,501 7,653
Other 1,207,375 63,455 1,270,830 261,577
Transfers 1,956,838 (1,956,838) - -
Total general revenues and transfers 11,571,116 (1,860,936) 9,710,180 8,033,202
Change in net position 11,828,230 (609,894) 11,218,336 1,396,389
Net position - January 1, as previously reported 6,391,102 17,792,843 24,183,945 27,130,809
Prior period adjustment - - - (4,343,253)
Net position - January 1, as restated 6,391,102 17,792,843 24,183,945 22,787,556
Net position - December 31 $18,219,332 $17,182,949 $35,402,281 $24,183,945
Program Revenues
Total
Primary Government
Changes in Net Position
Net (Expense) Revenue and
The accompanying notes are an integral part of these financial statements.
29
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2016
With Comparative Totals For December 31, 2015
General Fund
Street Improvement
Debt Service Fund
HRA TIF Debt
Service
Assets
Cash and investments $2,089,295 $4,011,236 $10,496
Accrued interest 26,021 - -
Due from other governmental units 60,530 - -
Interfund receivable 169,200
Interfund loan receivable - - -
Accounts receivable - net 29,990 - -
Prepaid items 112,072 - -
Property taxes receivable:
Delinquent 54,678 25,083 -
Due from county 35,462 13,802 -
Special assessments receivable 4,708 1,656,298 -
Funds held by others - - -
Inventories 3,410 - -
Total assets $2,585,366 $5,706,419 $10,496
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $100,489 $9,940 $ -
Contracts payable - - -
Deposits payable 2,000 - -
Interfund payable - - -
Interfund loan payable - - -
Due to other governmental units 40,715 - -
Salaries payable 63,108 - -
Total liabilities 206,312 9,940 0
Deferred inflows of resources:
Unavailable revenue 59,387 1,678,770 -
Total deferred inflows of resources 59,387 1,678,770 0
Fund balance (deficit):
Nonspendable 115,482 - -
Restricted - 4,017,709 10,496
Committed - - -
Assigned - - -
Unassigned 2,204,185 - -
Total fund balance (deficit) 2,319,667 4,017,709 10,496
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $2,585,366 $5,706,419 $10,496
The accompanying notes are an integral part of these financial statements.
30
Statement 3
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other Governmental
Funds
Intra-Activity
Eliminations
2016 2015
$1,849,156 $1,232,987 $9,619,292 $2,057,762 $ - $20,870,224 $8,764,989
- - - - - 26,021 25,813
- 392,228 4,800 1,054,067 - 1,511,625 201,698
(169,200) - -
- - 1,004,286 - (1,004,286) - 149,874
- - 11,275 - - 41,265 52,818
- 20,000 - 37,188 - 169,260 106,697
48,470 - - 10,664 - 138,895 160,961
20,134 - - 5,691 - 75,089 6,437
- - - 24,217 - 1,685,223 1,865,316
- - - 43,765 - 43,765 71,941
- - - - - 3,410 2,872
$1,917,760 $1,645,215 $10,639,653 $3,233,354 ($1,173,486) $24,564,777 $11,409,416
$603,724 $77,500 $78,301 $117,867 $ - $987,821 $561,896
- 347,353 456,371 - - 803,724 153,565
- - - - - 2,000 2,000
- 94,602 - 74,598 (169,200) - -
959,326 - - 44,960 (1,004,286) - 1,009,906
- - - 14 - 40,729 58,907
- - - 1,776 - 64,884 47,332
1,563,050 519,455 534,672 239,215 (1,173,486) 1,899,158 1,833,606
48,470 - - 34,881 - 1,821,508 2,025,650
48,470 0 0 34,881 0 1,821,508 2,025,650
- 20,000 - 37,188 - 172,670 109,569
1,947,003 - - 932,045 - 6,907,253 6,491,789
- - - 105,503 - 105,503 94,107
- 1,105,760 10,104,981 1,937,488 - 13,148,229 578,258
(1,640,763) - - (52,966) - 510,456 276,437
306,240 1,125,760 10,104,981 2,959,258 0 20,844,111 7,550,160
$1,917,760 $1,645,215 $10,639,653 $3,233,354 ($1,173,486) $24,564,777 $11,409,416
Fund balance reported above $20,844,111 $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.35,456,075 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.1,821,508 2,025,650
Net pension asset related to the Saint Anthony Fire Department Relief Association. 197,073 151,568
Deferred outflows of resources related to the Saint Anthony Fire Department Relief Association.34,902 49,346
Deferred inflows of resources related to the Saint Anthony Fire Department Relief Association.(32,333) -
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds.(33,203,187) (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.(6,898,817) (5,223,618)
Net position of governmental activities $18,219,332 $6,391,102
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
General Fund
Street Improvement
Debt Service Fund
HRA TIF Debt
Service
Revenues:
General property taxes $3,536,079 $1,800,740 $ -
Tax increment collections - - -
Licenses, fees and permits 304,079 - -
Intergovernmental 969,498 - -
Special assessments - 534,947 -
Charges for services 1,568,487 - -
Cable franchise fees 113,672 - -
Fines and forfeits 83,719 - -
Investment income 26,856 35,921 197
Contributions and donations 1,620 - -
Refunds and reimbursement - - -
Army settlement 150,977 - -
Miscellaneous 96,408 - -
Total revenues 6,851,395 2,371,608 197
Expenditures:
Current:
General government 963,469 - -
Public safety 5,157,188 - -
Public works 835,585 - -
Parks and recreation 248,583 - -
Nondepartmental 38,421 - -
Housing and redevelopment - - -
Capital outlay:
General government - - -
Public safety - - -
Public works - - -
Debt service:
Principal - 1,765,000 415,000
Interest - 471,137 156,058
Paying agent fees - 13,260 584
Professional service - 8,901 7,438
Issuance costs - 450 -
Construction/acquisition costs - - -
Developer incentives - - -
Total expenditures 7,243,246 2,258,748 579,080
Revenues over (under) expenditures (391,851) 112,860 (578,883)
Other financing sources (uses):
Bonds issued - 20,738 -
Refunding bonds issued - - -
Premium on debt issued - - -
Payment to refunded bond escrow agent - - -
Sale of capital assets - - -
Transfers in 433,606 195,000 574,058
Transfers out (168,100) - -
Total other financing sources (uses) 265,506 215,738 574,058
Net change in fund balance (126,345) 328,598 (4,825)
Fund balance (deficit) - January 1 2,446,012 3,689,111 15,321
Fund balance (deficit) - December 31 $2,319,667 $4,017,709 $10,496
The accompanying notes are an integral part of these financial statements.
32
Statement 4
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other
Governmental
Funds
Intra-Activity
Eliminations
2016 2015
$ - $ - $ - $824,217 $ - $6,161,036 $5,897,070
1,476,275 - - - - 1,476,275 1,106,582
- - - - - 304,079 296,465
- 202,435 4,800 1,106,283 - 2,283,016 1,644,481
- 31,125 - 4,477 - 570,549 621,931
- - - 132,759 - 1,701,246 1,879,520
- - - - - 113,672 108,104
- - - 9,810 - 93,529 130,823
71,439 5,855 87,373 25,189 - 252,830 145,447
- - - 2,500 - 4,120 15,903
- 1,094,828 8,720 99 - 1,103,647 127,250
- - 10,205,890 77,572 - 10,434,439 -
- - - 3,200 - 99,608 45,663
1,547,714 1,334,243 10,306,783 2,186,106 0 24,598,046 12,019,239
15,812 - 17,826 69,129 - 1,066,236 948,089
- - - 7,082 - 5,164,270 4,352,048
- - 32,428 183,734 - 1,051,747 1,043,551
- - - 161,396 - 409,979 446,924
- - - - - 38,421 40,139
1,196 - - 155,116 - 156,312 119,294
- - - 8,201 - 8,201 168,176
- - - 256,053 - 256,053 150,645
- - 95,915 38,675 - 134,590 67,831
- - - 440,000 - 2,620,000 3,750,000
93,150 - - 100,262 - 820,607 1,020,262
- - - 949 - 14,793 10,386
- - - - - 16,339 16,971
- 79,844 - - - 80,294 142,682
101,725 2,804,951 1,961,194 - - 4,867,870 3,750,269
627,639 - - - - 627,639 475,886
839,522 2,884,795 2,107,363 1,420,597 0 17,333,351 16,503,153
708,192 (1,550,552) 8,199,420 765,509 0 7,264,695 (4,483,914)
- 2,879,262 - - - 2,900,000 2,580,000
- - - - - - 4,310,000
- 69,485 - - - 69,485 188,693
- - - - - - (4,332,935)
- - - 15,186 - 15,186 25,860
- - 1,905,561 895,728 (959,368) 3,044,585 168,612
(574,058) - - (217,210) 959,368 - -
(574,058) 2,948,747 1,905,561 693,704 0 6,029,256 2,940,230
134,134 1,398,195 10,104,981 1,459,213 0 13,293,951 (1,543,684)
172,106 (272,435) - 1,500,045 - 7,550,160 9,093,844
$306,240 $1,125,760 $10,104,981 $2,959,258 $0 $20,844,111 $7,550,160
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
33
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, 2016
With Comparative Amounts For The Year Ended December 31, 2015
2016 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)$13,293,951 ($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.1,986,872 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:(19,598) (50,430)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.(204,142) 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.(404,358) 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.26,023 174,406
Transfer out of governmental capital assets contributed to Enterprise Funds.(1,174,047) (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.(1,675,199) (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 $57,174
Pension expense (58,446) (1,272) (4,473)
Change in net position of governmental activities (statement 2)$11,828,230 ($4,789,902)
The accompanying notes are an integral part of these financial statements.
34
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 6
PROPRIETARY FUNDS
December 31, 2016
With Comparatvie Totals For Enterprise Fund For December 31, 2015
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal
Service Fund
Assets:2016 2015
Current assets:
Cash and cash equivalents $439,441 $1,830,307 $85,552 $2,355,300 $3,696,648 $67,152
Interfund loan receivable - current portion - - - - 5,620 -
Receivables:
Accounts 2,436 530,472 - 532,908 540,504 -
Due from other governments - 689 176,923 177,612 638,234 -
Prepaid items 15,106 16,021 - 31,127 27,989 -
Inventories - at cost 843,100 - - 843,100 845,365 -
Total current assets 1,300,083 2,377,489 262,475 3,940,047 5,754,360 67,152
Noncurrent assets:
Interfund loan receivable - noncurrent portion - - - - 1,004,286 -
Capital assets:
Land - 5,653 2,084,301 2,089,954 2,089,954 -
Construction in progress - - 238,919 238,919 728,464 -
Buildings and structures 1,875,328 2,007,955 - 3,883,283 3,883,283 -
Furniture, fixtures and equipment 418,325 1,381,071 - 1,799,396 1,726,693 -
Distribution and collection system - 10,001,458 5,252,635 15,254,093 12,515,059 -
Software intangibles 26,022 - - 26,022 26,022 -
Total capital assets 2,319,675 13,396,137 7,575,855 23,291,667 20,969,475 0
Less: Allowance for depreciation (1,177,692) (6,345,870) (549,966) (8,073,528) (7,574,877) -
Net capital assets 1,141,983 7,050,267 7,025,889 15,218,139 13,394,598 0
Total noncurrent assets 1,141,983 7,050,267 7,025,889 15,218,139 14,398,884 0
Total assets 2,442,066 9,427,756 7,288,364 19,158,186 20,153,244 67,152
Deferred outflows of resources:
Related to pensions - - - - - 9,821,863
Liabilities:
Current liabilities:
Accounts payable 122,630 32,720 47,802 203,152 328,274 -
Contracts payable - - 75,038 75,038 197,784 -
Interfund payable - - - - 149,874 -
Due to other governmental units 65,063 6,185 - 71,248 68,738 -
Salaries payable 14,393 10,359 - 24,752 17,356 -
Accrued interest payable - 9,167 - 9,167 10,125 -
Refundable deposits - 66,795 - 66,795 71,555 -
Compensated absences payable - current portion 19,963 31,255 - 51,218 50,748 208,086
Bonds and notes payable - current portion - 129,508 - 129,508 119,508 -
Total current liabilities 222,049 285,989 122,840 630,878 1,013,962 208,086
Noncurrent liabilities:
Compensated absences payable - noncurrent portion 42,596 66,687 - 109,283 111,299 444,852
Bonds and notes payable - noncurrent portion - 1,002,425 - 1,002,425 1,131,932 -
Other post employement benefits 48,823 46,051 - 94,874 86,265 -
Net pension liability - - - - - 14,584,653
Total noncurrent liabilities 91,419 1,115,163 0 1,206,582 1,329,496 15,029,505
Total liabilities 313,468 1,401,152 122,840 1,837,460 2,343,458 15,237,591
Deferred inflows of resources:
Related to pensions - - - - - 1,688,018
Net position:
Net investments in capital assets 1,141,983 5,918,334 6,950,851 14,011,168 12,143,158 -
Unrestricted 986,615 2,108,270 214,673 3,309,558 5,666,628 (7,036,594)
Total net position $2,128,598 $8,026,604 $7,165,524 $17,320,726 $17,809,786 ($7,036,594)
Net position reported above $17,320,726 $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.(137,777) (16,943)
Net position of business-type activites (Statement 1)$17,182,949 $17,792,843
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
35
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, 2016
With Comparatvie Totals For Enterprise Funds For The Year Ended December 31, 2015
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal Service
Fund
2016 2015
Sales $5,822,783 $ - $ - $5,822,783 $5,893,916 $ -
Cost of sales (4,468,066) - - (4,468,066) (4,572,858) -
Gross profit 1,354,717 0 0 1,354,717 1,321,058 0
Operating revenues:
Customer billings - 1,923,256 192,748 2,116,004 1,844,850 -
Connection charges - 15,300 - 15,300 9,130 -
Charges for services - - - - - 608,134
Total operating revenues 0 1,938,556 192,748 2,131,304 1,853,980 608,134
Total gross profit and operating revenues 1,354,717 1,938,556 192,748 3,486,021 3,175,038 608,134
Operating expenses:
Personal services 717,308 812,927 - 1,530,235 1,480,798 2,529,487
Supplies 308,200 74,742 14,758 397,700 380,961 -
Contracted services 44,619 98,866 46,233 189,718 197,728 -
Treatment charges (MCES) - 576,237 - 576,237 593,381 -
Other 12,181 155,646 - 167,827 188,135 -
Depreciation 68,064 332,399 130,664 531,127 384,017 -
Total operating expenses 1,150,372 2,050,817 191,655 3,392,844 3,225,020 2,529,487
Operating income (loss) 204,345 (112,261) 1,093 93,177 (49,982) (1,921,353)
Nonoperating revenues (expenses):
Investment income 5,973 23,907 1,217 31,097 86,407 1,566
Intergovernmental revenue - - - - - 37,454
Interest expense - (17,688) - (17,688) (19,984) -
Fees and cost of issuance - (1,292) - (1,292) (742) -
Refunds and reimbursements - 50 - 50 45,655 -
Army settlement - 130,932 - 130,932 - -
Gain on sale of assets - 1,350 - 1,350 - -
Miscellaneous revenue 53,085 8,750 1,570 63,405 88,664 -
Total nonoperating revenues (expenses) 59,058 146,009 2,787 207,854 200,000 39,020
Income (loss) before capital
contributions and transfers 263,403 33,748 3,880 301,031 150,018 (1,882,333)
Capital contributions and transfers:
Capital contributions - 819,779 354,268 1,174,047 6,308,128 -
Capital contributions - intergovernmental - - 1,166,747 1,166,747 - -
Transfers in - - - - 179,701 86,300
Transfers out (249,049) (2,711,836) (170,000) (3,130,885) (434,613) -
Total capital contributions and transfers (249,049) (1,892,057) 1,351,015 (790,091) 6,053,216 86,300
Change in net position 14,354 (1,858,309) 1,354,895 (489,060) 6,203,234 (1,796,033)
Net position - January 1 2,114,244 9,884,913 5,810,629 17,809,786 11,606,552 (5,240,561)
Net position - December 31 $2,128,598 $8,026,604 $7,165,524 $17,320,726 $17,809,786 ($7,036,594)
Change in net position reported for business-type activities above ($489,060) $6,203,234
Adjustment for the net effect of the current year activity between the
internal service fund and the enterprise funds. (120,834) (16,943)
Change in net position of business-type activites (Statement 2) ($609,894) $6,186,291
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
36
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS
For The Year Ended December 31, 2016
With Comparative Totals For Enterprise Funds For The Year Ended December 31, 2015
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal Service
Fund
2016 2015
Cash flows from operating activities:
Receipts from customers and users $5,835,580 $1,933,355 $192,748 $7,961,683 $7,708,757 $ -
Receipts from interfund charges for pension benefits - - - - - 608,134
Payment to suppliers (4,929,413) (920,150) (200,974) (6,050,537) (6,021,653) -
Payment to employees (704,393) (811,383) - (1,515,776) (1,504,930) (749,184)
Army settlement - 130,932 - 130,932 - -
Miscellaneous revenue 53,085 53,946 417,046 524,077 88,484 -
Net cash flows provided by (used in)
operating activities 254,859 386,700 408,820 1,050,379 270,658 (141,050)
Cash flows from noncapital financing activities:
Transfer from other funds - - - - - 86,300
Transfer to General Fund (156,396) (200,000) - (356,396) (434,613) -
Transfer to Capital Project Funds (92,653) (2,511,836) - (2,604,489) - -
Transfer to Debt Service Funds - - (170,000) (170,000) - -
Intergovernmental revenue - - - - - 37,454
Net cash flows provided by (used in)
noncapital financing activities (249,049) (2,711,836) (170,000) (3,130,885) (434,613) 123,754
Cash flows from capital and related
financing activities:
Intergovernmental revenue - capital - - 1,166,747 1,166,747 - -
Acquisiton of capital assets - (9,268) (1,171,358) (1,180,626) (215,987) -
Proceeds from sale of capital assets - 1,350 - 1,350 - -
Change in interfund loan receivable/payable - 1,009,906 (149,874) 860,032 5,620 -
Interest received on interfund receivable - - - - 41,328 -
Principal paid on debt - (115,000) - (115,000) (115,000) -
Interest paid on debt - (24,442) - (24,442) (26,192) -
Net cash flows provided by (used in)
capital and related financing activities 0 862,546 (154,485) 708,061 (310,231)0
Cash flows from investing activities:
Investment income 5,973 23,907 1,217 31,097 45,079 1,566
Net increase (decrease) in cash and cash equivalents 11,783 (1,438,683) 85,552 (1,341,348) (429,107) (15,730)
Cash and cash equivalents - January 1 427,658 3,268,990 - 3,696,648 4,125,755 82,882
Cash and cash equivalents - December 31 $439,441 $1,830,307 $85,552 $2,355,300 $3,696,648 $67,152
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $204,345 ($112,261) $1,093 $93,177 ($49,982) ($1,921,353)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue 53,085 53,946 417,046 524,077 88,484 -
Army settlement - 130,932 - 130,932 - -
Depreciation 68,064 332,399 130,664 531,127 384,017 -
Changes in assets and liabilities:
Decrease (increase) in receivables 12,797 (5,201) - 7,596 (39,135) -
Decrease (increase) in prepaid items (3,878)740 - (3,138) (1,887) -
Decrease (increase) in inventory 2,265 - - 2,265 24,237 -
Decrease (increase) in deferred outflows of resources - - - - - (8,791,001)
Increase (decrease) in payables (81,819) (13,855) (139,983) (235,657) (135,076) 9,644,187
Increase (decrease) in deferred inflows of resources - - - - - 927,117
Total adjustments 50,514 498,961 407,727 957,202 320,640 1,780,303
Net cash provided by operating activities $254,859 $386,700 $408,820 $1,050,379 $270,658 ($141,050)
Noncash investing, capital and financing activities:
Assets in the amount of $819,779 and $677,200 were contributed to the Water/Sewer/Water Plant Fund in 2016 and 2015, respectively.
Stormwater assets in the amount of $354,268 and $5,630,928 were contributed to the Stormwater Utility Fund in 2016 and 2015, 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.
37
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF FIDUCIARY NET POSITION Statement 9
FIDUCIARY FUND -DEVELOPERS DEPOSIT
December 31, 2016
With Comparative Totals For December 31, 2015
2016 2015
Assets:
Cash and investments $15,036 ($4,122)
Accounts receivable - net 3,456 4,122
Total assets $18,492 $0
Liabilities:
Deposits payable $18,492 $ -
The accompanying notes are an integral part of these financial statements.
38
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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
39
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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.
40
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 Public Utilities Infrastructure Fund was established to account for costs associated with the
City’s utilities infrastructure.
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/Sewer/Water Plant 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.
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,
41
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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
42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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
Mayor and council $79,043 $80,340 $1,297
Public relations/cable 42,596 42,703 107
Assessing 56,342 59,338 2,996
Planning and zoning 71,403 121,952 50,549
Police protection 3,330,491 3,929,211 598,720
Fire protection 1,012,316 1,029,340 17,024
Protective inspections 84,091 118,685 34,594
Nonmajor Funds:
Special Revenue Funds:
HRA fund 123,988 155,116 31,128
Fire education/training 2,824 3,322 498
The over expenditures were funded by available fund balance.
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 except for investments in external investment pools that meet the
GASB 79 requirement, which are stated at amortized cost. Investment income is accrued at the
balance sheet date.
For purposes of the statement of cash flows, the City considers all highly liquid investments with a
maturity of three months or less when purchased to be cash equivalents. All of the cash and
investments allocated to the Proprietary Funds have original maturities of 90 days or less. Therefore,
the entire balance in the Proprietary Funds is considered cash equivalents.
43
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, 2016 are
planned to be eliminated in 2017. 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.
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
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital
assets are recorded at acquisition 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, 2016, 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
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 Employee Benefit 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.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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.
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, 2015, 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
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.
48
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
U. PENSION PLANS
COST SHARING MULTIPLE – EMPLOYER PLANS
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.
SINGLE EMPLOYER PLAN
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.
V. 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 ($33,203,187) difference is as follows:
Bonds payable ($31,675,000)
Accrued interest payable (338,067)
Unamortized bond premium (620,404)
Other post-employment benefits (569,716)
Net adjustment to reduce fund balance - total
governmental funds to arrive at net position -
governmental activities.($33,203,187)
49
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 $1,986,872 difference is as follows:
Capital outlay $398,844
Construction/acquisition costs 4,867,870
Construction/acquisition costs not capitalized (1,321,371)
Depreciation expense (1,958,471)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $1,986,872
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 ($19,598) 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. ($19,598)
Net adjustment to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($19,598)
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 ($204,142) difference is as follows:
Unavailable revenue - general property taxes:
At December 31, 2015 ($91,306)
At December 31, 2016 90,425
Unavailable revenue - tax increment taxes:
At December 31, 2015 (69,656)
At December 31, 2016 48,470
Unavailable revenue - special assessments:
At December 31, 2015 (1,864,688)
At December 31, 2016 1,682,613
Net adjustments to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($204,142)
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 ($404,358)
difference is as follows:
Debt issued or incurred:
Issuance of general obligation bonds ($2,900,000)
Premium on issued bonds (69,485)
Principal repayments 2,620,000
Other post employment benefits (54,873)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($404,358)
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 $26,023 difference is as follows:
Amortization of premiums, discounts $67,340
Accrued interest (41,317)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $26,023
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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;
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, 2016, 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.
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 eligible for purchase by the Federal Reserve System.
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.
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, 2016, 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 Mortgage Corporation AAA $345,110 $345,110 $ - $ - $ -
REMIC NR 37 37 - - -
Money market NR 1,229,106 1,229,106 - - -
External investment pool - 4M Fund NR 8,545,954 8,545,954 - - -
Local governments AA - AAA 839,700 169,856 669,844 - -
Brokered certificates of deposit NR 7,340,533 3,745,453 3,595,080 - -
Total $18,300,440 $14,035,516 $4,264,924 $0 $0
NR - Not Rated Total investments $18,300,440
Total deposits 5,001,972
Petty cash 5,300
Total cash and investments $23,307,712
Investment Maturities (in Years)
Following is a reconciliation of the City’s cash and investment balances as of December 31, 2016:
Cash and investments $23,292,676
Cash and investments - fiduciary fund 15,036
$23,307,712
The City categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. The hierarchy has three levels. Level 1 investments are valued
using inputs that are based on quoted prices in active markets for identical assets. Level 2 investments
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
are valued using inputs that are based on quoted prices for similar assets or inputs that are observable,
either directly or indirectly. Level 3 investments are valued using inputs that are unobservable.
The City has the following recurring fair value measurements as of December 31, 2016:
Investment Type 12/31/2016 Level 1 Level 2 Level 3
Investments at fair value:
Brokered Certificates of Deposit $7,340,533 $ - $7,340,533 $ -
Municipal Securities 839,700 - 839,700 -
Federal National Mortgage Association 37 - 37 -
Federal Home Loan Mortgage Corporation 345,110 - 345,110 -
Total/Subtotal 8,525,380 $ - $8,525,380 $ -
Investments not categorized:
External investment pool - 4M and 4M Plus Funds 8,545,954
Money market funds 1,229,106
Total $18,300,440
Fair Value Measurement Using
The City’s external investment pool investment is with the 4M fund which is regulated by Minnesota
Statutes and the Board of Directors of the League of Minnesota Cities. The 4M fund is an unrated
pool and the fair value of the position in the pool is the same as the value of pool shares. The pool is
managed to maintain a portfolio weighted average maturity of no greater than 60 days and seeks to
maintain a constant net asset value (NAV) per share of $1. The pool measures their investments in
accordance with Government Accounting Standards Board Statement No. 79, at amortized cost.
The 4M Liquid Asset Fund has no redemption requirements. The 4M Plus Fund requires funds to be
deposited for a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period are
subject to a penalty equal to 7 days interest on the amount withdrawn.
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.
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 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, 2016 are as
follows:
Street
Improvement HRA TIF Nonmajor
General Debt Service Improvements Funds Total
Special assessments receivable $ - $1,400,900 $ - $21,300 $1,422,200
Delinquent property taxes 32,500 14,900 - 6,300 53,700
Delinquent tax increment - - 39,300 - 39,300
$32,500 $1,415,800 $39,300 $27,600 $1,515,200
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 $54,678 $4,709 $ - $59,387
Street Improvement Debt Service 25,083 1,653,687 - 1,678,770
HRA TIF Improvements - - 48,470 48,470
Nonmajor Funds 10,664 24,217 - 34,881
Total unavailale revenue $90,425 $1,682,613 $48,470 $1,821,508
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Note 5 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2016 was as follows:
Beginning Ending
Primary Government Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being depreciated:
Land $1,662,883 $ - $ - $1,662,883
Construction in progress 3,166,374 4,867,583 (3,759,694) 4,274,263
Total capital assets, not being depreciated 4,829,257 4,867,583 (3,759,694) 5,937,146
Capital assets, being depreciated:
Buildings and improvements 9,966,796 35,491 - 10,002,287
Land improvement 555,181 - - 555,181
Furniture, fixtures and equipment (including
software)3,994,838 266,617 (104,508) 4,156,947
Streets 33,806,042 1,361,299 - 35,167,341
Storm sewers 428,469 - - 428,469
Intangible assets 6,823 - - 6,823
Total capital assets, being depreciated 48,758,149 1,663,407 (104,508) 50,317,048
Less accumulated depreciation/amortization for:
Buildings and improvements 4,043,911 300,252 - 4,344,163
Land improvement 241,252 46,060 - 287,312
Furniture, fixtures and equipment 2,800,930 264,935 (84,910) 2,980,955
Streets 11,715,246 1,328,720 - 13,043,966
Storm sewers 121,854 17,139 - 138,993
Intangible assets 1,365 1,365 - 2,730
Total accumulated depreciation/amortization 18,924,558 1,958,471 (84,910) 20,798,119
Total capital assets being depreciated - net 29,833,591 (295,064) (19,598) 29,518,929
Governmental activities capital assets - net $34,662,848 $4,572,519 ($3,779,292) $35,456,075
56
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Beginning Ending
Primary Government Balance Increases Decrease Balance
Business-type activities:
Capital assets, not being depreciated:
Land $2,089,954 $ - $ - $2,089,954
Construction in progress 728,464 1,171,357 (1,660,902) 238,919
Total capital assets, not being depreciated 2,818,418 1,171,357 (1,660,902) 2,328,873
Capital assets, being depreciated:
Buildings and structures 3,883,283 - - 3,883,283
Furniture, fixtures and equipment 1,726,698 105,179 (32,481) 1,799,396
Software and intangibles 26,022 - - 26,022
Stormwater 2,253,147 - - 2,253,147
Distribution and collection system 10,261,912 2,739,034 - 13,000,946
Total capital assets, being depreciated 18,151,062 2,844,213 (32,481) 20,962,794
Less accumulated depreciation for:
Buildings and structures 2,051,803 89,345 - 2,141,148
Furniture, fixtures and equipment 830,501 59,250 (32,481) 857,270
Software and intangibles 26,023 - - 26,023
Stormwater 419,303 130,664 - 549,967
Distribution and collection system 4,247,252 251,868 - 4,499,120
Total accumulated depreciation 7,574,882 531,127 (32,481) 8,073,528
Total capital assets being depreciated - net 10,576,180 2,313,086 0 12,889,266
Business-type activities capital assets - net $13,394,598 $3,484,443 ($1,660,902) $15,218,139
Depreciation/amortization expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $115,970
Public safety 189,813
Public works, including depreciation of general infrastructure assets 1,604,503
Parks and recreation 48,185
Total depreciation/amortization expense - governmental activities 1,958,471
Business-type activities:
Liquor 68,064
Water/Sewer/Water Plant 332,399
Stormwater 130,664
Total depreciation/amortization expense - business-type activities 531,127
Total depreciation expense $2,489,598
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
CONSTRUCTION COMMITMENTS
At December 31, 2016, 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
2016 Street Improvements $2,060,277 $103,074
Mirror Lake Dredging 856,950 781,912
$884,986
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,
2016. 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.
Tax abatement bonds were issued to finance a portion of park, sidewalk, and traffic signal
improvements, 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.
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
GOVERNMENTAL ACTIVITIES
As of December 31, 2016, the long-term debt of the financial reporting entity consisted of the following:
Final
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/16
G.O. Improvement Bonds:
G.O. Improvement Bonds, Series 2009A 3.00-4.00% 5/7/2009 2/1/2025 $2,630,000 $1,740,000
G.O. Improvement Refunding Bonds, Series 2009B 2.50-3.00% 12/16/2009 2/1/2018 1,335,000 285,000
G.O. Improvement Bonds, Series 2010A 2.25-3.625% 5/20/2010 2/1/2026 1,375,000 985,000
G.O. Improvement Bonds, Series 2011A 3.00-4.00% 4/12/2011 2/1/2027 2,955,000 1,920,000
G.O. Improvement Refunding Bonds, Series 2011B 0.40-2.00% 12/29/2011 2/1/2021 2,210,000 1,185,000
G.O. Improvement Bonds, Series 2013B 0.45-2.625% 4/23/2013 2/1/2029 1,775,000 1,545,000
G.O. Improvement Bonds, Series 2014A 2.00-3.30% 4/10/2014 2/1/2030 2,070,000 1,945,000
G.O. Improvement Bonds, Series 2015A 2.00-3.00% 5/19/2015 2/1/2031 2,580,000 2,580,000
G.O. Improvement Bonds, Series 2016A 2.00-2.75% 6/2/2016 2/1/2032 1,455,000 1,455,000
Total improvement bonds 18,385,000 13,640,000
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 1,170,000
1,305,000 1,170,000
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 3,385,000
G.O. Tax Increment Refunding Bonds, Series 2015B 2.00-3.00% 12/29/2015 2/1/2031 4,310,000 4,065,000
Total tax increment revenue bonds 7,975,000 7,450,000
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 2,825,000
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2009A 3.00-4-00% 5/7/2009 2/1/2025 1,335,000 950,000
G.O. Tax Abatement Bonds, Series 2016B 2.00% 6/2/2016 2/1/2026 1,445,000 1,445,000
Total tax abatement bonds 2,780,000 2,395,000
G.O. Bonds:
G.O. Improvement Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2028 5,500,000 4,195,000
Issuance premiums (discounts)N/A 620,404
Total - bonded indebtedness 39,940,000 32,295,404
Compensated absences payable - 652,938
Total City indebtedness - governmental activities $39,940,000 $32,948,342
59
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
BUSINESS-TYPE ACTIVITIES
Business-type activities
Final
Interest Maturity Original Payable
Rates Date Date Issue 12/31/16
Revenue Bonds:
G.O. Water and Sewer Revenue Refunding Bonds, Series 2013A 2.00% 4/16/2003 2/1/2024 $1,440,000 $1,100,000
Issuance premiums (discounts)N/A 31,933
Total - bonded indebtedness 1,440,000 1,131,933
Compensated absences - 160,501
Total City indebtedness - business-type activities 1,440,000 1,292,434
Total City indebtedness $41,380,000 $34,240,776
Annual debt service requirements to maturity for long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest
2017 $1,330,000 $346,619 $485,000 $84,700
2018 1,365,000 311,934 490,000 74,950
2019 1,295,000 281,728 500,000 65,050
2020 1,170,000 253,090 515,000 54,900
2021 1,050,000 226,521 530,000 44,450
2022 940,000 200,849 545,000 33,564
2023 970,000 174,227 320,000 24,458
2024 990,000 145,489 155,000 19,155
2025 1,015,000 115,212 160,000 15,333
2026 810,000 87,798 160,000 11,252
2027 710,000 65,629 165,000 6,944
2028 555,000 48,223 170,000 2,337
2029 575,000 33,094 - -
2030 455,000 18,434 - -
2031 300,000 7,394 - -
2031 110,000 1,512 - -
Total $13,640,000 $2,317,753 $4,195,000 $437,093
G.O. Improvement Bonds
Governmental Activities
G.O. Refunding Bonds
60
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Year Ending
December 31 Principal Interest Principal Interest Principal Interest
2017 $315,000 $55,490 $385,000 $190,038 $865,000 $85,463
2018 325,000 49,090 405,000 182,238 315,000 68,026
2019 335,000 42,490 420,000 173,988 320,000 60,656
2020 345,000 35,690 445,000 165,438 330,000 52,886
2021 355,000 28,690 450,000 156,487 340,000 44,646
2022 370,000 21,348 475,000 146,212 350,000 35,756
2023 385,000 13,320 495,000 134,412 360,000 25,653
2024 395,000 4,542 510,000 122,062 375,000 14,450
2025 - - 530,000 109,313 220,000 5,250
2026 - - 555,000 95,700 90,000 900
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 $2,825,000 $250,660 $7,450,000 $1,690,631 $3,565,000 $393,686
All Other General
Obligation Bonds
Governmental Activities
Refunding Bonds
Tax IncrementLease
Revenue Bonds
Year Ending
December 31 Principal Interest
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 $1,100,000 $91,200
Business-Type Activities
Revenue Bonds
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2016, was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement debt $13,345,000 $1,455,000 ($1,160,000) $13,640,000 $1,330,000
G.O. improvement refunding bonds 4,665,000 - (470,000) 4,195,000 485,000
G.O. street reconstruction bonds 1,305,000 - (135,000) 1,170,000 135,000
G.O. tax abatement bonds 1,090,000 1,445,000 (140,000) 2,395,000 730,000
G.O. tax increment refunding bonds 7,865,000 - (415,000) 7,450,000 385,000
G.O. lease revenue refunding bonds 3,125,000 - (300,000) 2,825,000 315,000
Total bonds payable - governmental activities 31,395,000 2,900,000 (2,620,000) 31,675,000 3,380,000
Issuance premiums (discounts)618,259 69,485 (67,340) 620,404 69,577
Total bonded indebtedness 32,013,259 2,969,485 (2,687,340) 32,295,404 3,449,577
Compensated absences 668,432 433,649 (449,143) 652,938 208,086
Total governmental activities
long-term liabilities $32,681,691 $3,403,134 ($3,136,483) $32,948,342 $3,657,663
Business-type activities:
Revenue bonds $1,215,000 $ - ($115,000) $1,100,000 $125,000
Total bonds payable - business-type activities 1,215,000 - (115,000) 1,100,000 125,000
Issuance premiums (discounts)36,440 - (4,507) 31,933 4,508
Total bonded indebtedness 1,251,440 - (119,507) 1,131,933 129,508
Compensated absences 162,047 35,323 (36,869) 160,501 51,218
Total business-type activities
long-term liabilities $1,413,487 $35,323 ($156,376) $1,292,434 $180,726
For the governmental activities, compensated absences are generally liquidated by the Internal Service
Employee Benefit Fund.
All long-term bonded indebtedness outstanding at December 31, 2016 is backed by the full faith and credit
of the City, including improvement and revenue bond issues. Delinquent assessments receivable at
December 31, 2016 totaled $11,897.
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 $1,122,063 $120,276 $152,698
2009B Tax Abatement Refunding Refunding of 2001A Tax Tax abatement revenue 100% N/A 2009-2016 $ - $55,688 $32,511
Abatement Bonds
2009A Road Improvements 2009 road reconstruction Special assessments 21%N/A 2009-2025 $2,053,564 $224,618 $21,966
2010A Road Improvements 2010 road construction Special assessments 9%N/A 2010-2026 $1,161,011 $112,493 $4,270
2011A Road Improvements 2011 road construction Special assessments 25%N/A 2011-2027 $1,828,613 $169,575 $14,977
2012A Road Improvements 2012 road construction Special assessments 25%N/A 2012-2028 $4,632,093 $564,250 $56,412
2012A Lease Revenue 2012 building improvements Property Taxes 100%N/A 2012 - 2024 $3,075,660 $361,640 $381,273
Refunding Lease Revenue
Bonds 2003A
2013B Road Improvements 2013 road construction Special assessments 25% N/A 2013-2029 $1,767,815 $142,786 $17,756
2014A Road Improvements 2014 road construction Special assessments 25% N/A 2014 - 2030 $2,359,410 $177,880 $34,077
2016A Road Improvements 2016 road reconstruction Special assessments and 100%N/A 2016 - 2032 $1,747,401 $ - $64,400
tax levy
2016B Tax Abatement Mirror Lake improvements and Special assessments and 100%N/A 2016 - 2026 $1,546,086 $ - $ -
pedestrian safety improvements tax levy
2014C Road Improvements Refunding of 2008A Tax levy 25% N/A 2014 - 2024 $1,290,538 $163,275 $216,460
Sikver Lake Road improvements
2009B Road Improvements Refunding of 2001B and 2002A Special assessments 7% N/A 2009-2018 $292,200 $195,413 $13,599
Refunding Road Improvement Bonds
2015A Road Improvements 2015 road construction Special assessments 100% N/A 2015-2031 $3,081,244 $71,415 $70,808
2015B TIF Refunding 2006B TIF Bonds TIF 100% N/A 2015-2031 $4,927,369 $303,733 $795,805
2014B TIF Refunding 2007 TIF Bonds TIF 100% N/A 2015 -2031 $4,213,263 $267,325 $680,471
2013A G.O. Water/Sewer Revenue Refunding 2003B G.O Water/ Charges for services 100% 82% 2013-2024 $1,191,200 $138,150 $1,923,256
Sewer Revenue Bonds
2011A Road Improvements Refunding 2003A Street Special assessments 22% N/A 2011-2026 $435,031 $139,688 $13,103
Refunding Improvement Bonds
2011B Road Improvements Refunding 2004A and 2005A Special assessments 25% N/A 2012-2020 $1,231,465 $274,745 $22,586
Refunding Street Improvement Bonds
Revenue Pledged Current Year
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Note 7 DEFINED BENEFIT PENSION
A. COST SHARING MULTIPLE – EMPLOYER PLANS
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
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 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 members 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 2016. The City was required to
contribute 11.78% of pay for Basic Plan members and 7.50% for Coordinated Plan members in
calendar year 2016. The City’s contributions to the GERF for the year ended December 31, 2016,
were $160,607. 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
2016. The City was required to contribute 16.20% of pay for PEPFF members in calendar year
2016. The City’s contributions to the PEPFF for the year ended December 31, 2016, were
$447,527. The City’s contributions were equal to the required contributions as set by state statute.
PENSION COSTS
1. GERF Pension Costs
At December 31, 2016, the City reported a liability of $2,866,185 for its proportionate share of the
GERF’s net pension liability. The City’s net pension liability reflected a reduction due to the State of
Minnesota’s contribution of $6 million to the fund in 2016. The State of Minnesota is considered a
non-employer contributing entity and the state’s contribution meets the definition of a special funding
situation. The State of Minnesota’s proportionate share of the net pension liability associated with the
City totaled $37,474. The net pension liability was measured as of June 30, 2016, 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, 2015,
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
through June 30, 2016, relative to the total employer contributions received from all of PERA’s
participating employers. At June 30, 2016, the City’s proportion was .0353% which was an increase
of .0010% from its proportion measured as of June 30, 2015.
For the year ended December 31, 2016, the City recognized pension expense of $377,487 for its
proportionate share of the GERF’s pension expense. In addition, the City recognized an additional
$11,174 as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s
contribution of $6 million to the GERF.
At December 31, 2016, 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 $ - $232,834
Changes in actuarial assumptions 561,202 -
Difference between projected and
actual investment earnings 544,014 -
Changes in proportion 37,149 89,253
Contributions paid to PERA
subsequent to the measurement date 80,307 -
Total $1,222,672 $322,087
$80,307 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, 2017. 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
2017 $213,793
2018 213,793
2019 289,161
2020 103,531
2021 -
Thereafter -
2. PEPFF Pension Costs
At December 31, 2016, the City reported a liability of $11,718,468 for its proportionate share of the
PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2016, 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, 2015, through June 30, 2016, relative to the total employer contributions received from all of
PERA’s participating employers. At June 30, 2016, the City’s proportion was .2920% which was an
increase of .0150% from its proportion measured as of June 30, 2015. The City also recognized
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
$26,280 for the year ended December 31, 2016, as revenue (and an offsetting reduction of net pension
liability) 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.
For the year ended December 31, 2016, the City recognized pension expense of $2,052,724 for its
proportionate share of the PEPFF’s pension expense.
At December 31, 2016, 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 $ - $1,344,330
Changes in actuarial assumptions 6,449,185 -
Difference between projected and
actual investment earnings 1,788,320 -
Changes in proportion 140,316 21,601
Contributions paid to PERA
subsequent to the measurement date 221,370 -
Total $8,599,191 $1,365,931
$221,370 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, 2017. 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
2017 $1,505,322
2018 1,505,322
2019 1,505,322
2020 1,360,802
2021 1,135,122
Thereafter -
ACTUARIAL ASSUMPTIONS
The total pension liability in the June 30, 2016 actuarial valuation was determined using the following
actuarial assumptions:
Inflation 2.50% per year
Active Member Payroll Growth 3.25% per year
Investment Rate of Return 7.50%
Salary increases were based on a service-related table. Mortality rates for active members, retirees,
survivors and disibilitants were based on RP-2014 tables for the General Employees Plan and RP-2000
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
tables for the Police and Fire Plan for males or females, as appropriate, with slight adjustments. Cost
of living benefit increases for retirees are assumed to be one percent per year for all future years for
the General Employees Plan and Police and Fire Plan.
Actuarial assumptions used in the June 30, 2016 valuation were based on the results of actuarial
experience studies. The most recent four-year experience study in the GERF was completed in 2015.
The experience study for PEPFF was for the period July 1, 2004, through June 30, 2009.
The following changes in actuarial assumptions occurred in 2016:
General Employees Fund
The assumed post-retirement benefit increase rate was changed from 1.0% per year through
2035 and 2.5% per year thereafter to 1.0% per year for all future years.
The assumed investment return was changed from 7.9% to 7.5%. The single discount rate
was changed from 7.9% to 7.5%.
Other assumptions were changed pursuant to the experience study dated June 30, 2015. The
assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to
3.25% for payroll growth and 2.50% for inflation.
Police and Fire Fund
The assumed post-retirement benefit increase rate was changed from 1.0% per year through
2037 and 2.5% thereafter to 1.0% per year for all future years.
The assumed investment return was changed from 7.9% to 7.5%. The single discount rate
changed from 7.9% to 7.6%.
The assumed future salary increases, payroll growth, and inflation were decreased by 0.25%
to 3.25% for payroll growth and 2.50% for inflation.
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the
reasonableness on a regular basis of the long-term expected rate of return 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 geometric 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%
Total 100%
DISCOUNT RATE
The discount rate used to measure the total pension liability in 2016 was 7.50%, a reduction from the
7.9% used in 2015. The projection of cash flows used to determine the discount rate assumed that
contributions from plan members and employers will be made at rates set in Minnesota Statutes.
68
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Based on these assumptions, the fiduciary net position of the General Employees Fund was projected
to be available to make all projected future benefit payments of current plan members. 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.
In the Police and Fire Fund the fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members through June 30, 2056 and June 30, 2058
respectively. Beginning in fiscal years ended June 30, 2057 for the Police and Fire Fund, when
projected benefit payments exceed the funds’ projected fiduciary net position, benefit payments were
discounted at the municipal bond rate of 2.85% based on an index on 20-year general obligation bonds
with an average AA credit rating at the measurement date. An equivalent single discount rate of
5.60% for the Police and Fire Fund was determined that produced approximately the same present
value of projected benefits when applied to all years of projected benefits as the present value of
projected benefits using 7.50% applied to all years of projected benefits through the point of asset
depletion and 2.85% after.
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 (6.5%) Discount Rate (7.5%) Discount Rate (8.5%)
City's proportionate share of the
GERF net pension liability $4,070,832 $2,866,185 $1,873,884
1% Decrease in 1% Increase in
Discount Rate (4.6%) Discount Rate (5.6%) Discount Rate (6.6%)
City's proportionate share of the
PEPFF net pension liability $16,404,300 $11,718,468 $7,889,787
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
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.
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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.
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
EMPLOYEES COVERED BY BENEFIT TERMS
At December 31, 2016, 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) 4
Partially vested (10 years to 19 years) 6
Nonvested (less than 10 years) 20
Total 35
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, 2016, were $6,000. The City’s
contributions exceeded the required contribution of $6,000 as set by state statute. State aid
contributions for the year ended December 31, 2016 were $51,174.
NET PENSION LIABILITY
The City’s net pension liability (asset) was measured as of December 31, 2016, 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, 2016.
ACTUARIAL ASSUMPTIONS
The total pension liability in the December 31, 2016 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Investment rate of return 6.00%
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.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
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 Long-Term Expected
Asset Class Real Rate of Return Nominal Rate of Return
Domestic equity 5.58% 8.33%
International equity 5.71% 8.46%
Fixed income 2.27% 5.02%
Real estate and alternatives 4.44% 7.19%
Cash and equivalents 0.84% 3.59%
Total (weighted ave, rounded to 1/4%) 6.00%
DISCOUNT RATES
The discount rate used to measure the total pension liability was 6.00%. 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.
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, 2015 $741,775 $893,343 ($151,568)
Changes for the year:
Service cost 47,233 47,233
Interest 31,829 31,829
Differences between expected and actual experience - - -
Change of assumptions (36,075) - (36,075)
Contributions - employer 6,000 (6,000)
On behalf contributions - State of MN 51,174 (51,174)
Contributions - employee - -
Net investment income 39,971 (39,971)
Benefit payments, including refunds of employee
contributions (80,200) (80,200)
Administrative expense (8,653) 8,653
Other changes - -
Net changes (37,213) 8,292 (45,505)
Balance at December 31, 2016 $704,562 $901,635 ($197,073)
Increase (Decrease)
PENSION LIABILITY (ASSET) SENSITIVITY
The following presents the net pension liability (asset) of the City, calculated using the discount rate
of 6.00 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 (5.00 percent) or 1-percentage-point higher (7.00
percent) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(5.00%) (6.00%) (7.00%)
Net pension liability (asset) ($176,780) ($197,073) ($216,402)
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.
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS
For the year ended December 31, 2016, the City recognized pension expense of $8,067. The City
also recognized $51,174 for the year ended December 31, 2016, as pension expense (and grant
revenue) for the State of Minnesota’s on-behalf contribution to the plan. At December 31, 2016, 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 - 32,333
Difference between projected and
actual investment earnings 34,902 -
Total $34,902 $32,333
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
2017 $8,067
2018 8,067
2019 8,069
2020 (4,269)
2021 (3,742)
Thereafter (13,623)
C. PENSION EXPENSE
Pension expense recognized by the City for the fiscal year ended December 31, 2016 is as follows:
GERF $377,487
PEPFF 2,052,724
Fire Relief 58,446
Total $2,488,657
74
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, contributions 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.
Total contributions made by the City during fiscal year 2016 were:
Required
Employer
Employee (Pension Expense) Employee Employer Rate
$1,913 $1,913 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
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, Medicare becomes the primary insurer
and the City’s plan becomes secondary.
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, 2016
through December 31, 2016 monthly premiums paid for Police or Firefighters disabled in the line of
duty are:
Employee
Employee Plus Spouse
Aware Plan:
$30 Copay $935 $1,963
$2600 HDHP/HSA 617 1,294
$4000 HDHP/HSA 564 1,183
Accord Plan:
$30 Copay 900 1,887
$2600 HDHP/HSA 594 1,245
$4000 HDHP/HSA 542 1,138
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
C. PARTICIPANTS
As of the actuarial valuation dated January 1, 2016, participants consisted of:
Retirees and beneficiaries currently
purchasing health insurance through the City 1
Disabled police and firefighters 1
Active employees 59
Total 61
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.
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, 2016, was calculated as follows:
Annual required contribution (ARC)$68,777
Interest on net OPEB obligation 27,050
Adjustment to ARC (23,466)
Annual OPEB cost 72,361
Contributions made during the year (8,879)
Increase (decrease) in net OPEB obligation 63,482
Net OPEB obligation - beginning of year 601,108
Net OPEB obligation - end of year $664,590
For the governmental activities, the net OPEB obligation is generally liquidated by the General Fund.
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
The City had an actuarial valuation performed for the plan as of January 1, 2016 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, 2016. The City’s annual OPEB cost, the percentage of annual
OPEB cost contributed to the plan and the net OPEB obligation for 2014, 2015, and 2016 was as
follows:
Percentage of
Fiscal Year Annual OPEB Employer Annual OPEB Cost Net OPEB
Ended Cost Contributions Contributed Obligation
December 31, 2014 106,523 13,386 13%509,707
December 31, 2015 110,886 19,485 18%601,108
December 31, 2016 72,361 8,879 12%664,590
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, 2016 $ - $644,198 $644,198 0.00% $4,162,000 15.48%
*Using the Projected Unit Credit Actuarial cost method.
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, 2016
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 3.5%. The actuarial value of assets was $0. The plan’s
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, 2016 are as follows:
Fund Receivable Payable
Governmental activities:
Major funds:
General Fund $169,200 $ -
Nonmajor funds:
HRA Fund - 51,333
Revolving Improvement Fund - 23,265
2017 Street Improvement Project Fund - 94,602
Total $169,200 $169,200
Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash
balances at the end of the fiscal year.
Interfund loans receivable and payable balances at December 31, 2016 are as follows:
Fund Receivable Payable Purpose
Major funds:
Public Utilities Infrastructure $1,004,286 $ -
HRA TIF Improvements - 959,326 Provide financing for pay off of Fannie Mae loan
Nonmajor funds:
Revolving Improvement - 44,960 Provide financing for Arbors Alley Project
-
Total $1,004,286 $1,004,286
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Interfund transfers:
Street Public Nonmajor Internal
General Improvement HRA TIF Utilities Governmental Service
Fund Debt Service Debt Service Infrastructure Fund Fund Total
Governmental activities:
General Fund $ - $ - $ - $ - $81,800 $86,300 $168,100
HRA TIF Improvements - - 574,058 - - - 574,058
Nonmajor 77,210 25,000 - - 115,000 - 217,210
Business-type activities:
Liquor 156,396 - - - 92,653 - 249,049
Water/Sewer/Water Plant 200,000 - - 1,905,561 606,275 - 2,711,836
Stormwater utility - 170,000 - - - - 170,000
Total transfers $433,606 $195,000 $574,058 $1,905,561 $895,728 $86,300 $4,090,253
Transfer out
Governmental Activities
Major Funds
Transfer In
There were transfers made in 2016 to close out the Water Filtration Fund. All of the other 2016 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, 2016 as follows:
Fund Amount
Nonmajor funds:
Internal Service Fund $7,036,594
HRA Fund 7,582
HSIP Tax Abatement Fund 450
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.
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.
80
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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. The City has been put on notice of potential claims by the trustee
on behalf of the next of kin concerning a Police shooting resulting in a death. No litigation has been
commenced. The occurrence is covered by underlying policies through the League of Minnesota
Cities Insurance Trust. The threatened litigation includes claims under 42 U.S.C. 1983 and 1988
which are not subject to policy limits.
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, 2016.
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.
81
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
E. PAY-AS-YOU-GO TAX INCREMENT
The City has three 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:
Issued in 2004 in the principal sum of $4,464,407 with an interest rate of 6.75% per annum.
Principal and interest shall be paid on February 1 and August 1 thereafter to and including February
1, 2029. Payments are payable solely from available tax increment derived from the
developed/redeveloped property and paid to the City. The pay-as-you-go note provides for payment
to the developer equal to 90% of all tax increment received in the prior six months. The payment
reimburses the developer for public improvements. The City shall have no obligation to pay any
unpaid balance of principal or accrued interest that may remain after the final payment on February
1, 2029. The current year abatement (TIF note payments) amount to $515,270. At December 31,
2016, the principal amount outstanding on the note was $4,176,310.
TIF District #3-5, Phase II Town Homes:
Issued in 2006 in the principal sum of $937,520 with an interest rate of 6% per annum. Principal
and interest shall be paid on February 1 and August 1 thereafter to and including August 1, 2031.
Payments are payable solely from available tax increment derived from the developed/redeveloped
property and paid to the City. The pay-as-you-go note provides for payment to the developer equal
to 95% of all tax increment received in the prior six months. The payment reimburses the developer
for public improvements. The City shall have no obligation to pay any unpaid balance of principal
or accrued interest that may remain after the final payment on August 1, 2031. The current year
abatement (TIF note payments) amount to $55,463. At December 31, 2016, the principal amount
outstanding on the note was $937,520.
TIF District # 3-5, The Legends
Issued in 2016 in the principal sum of $1,023,000 with an interest rate of 5% per annum. Principal
and interest shall be paid on February 1 and August 1 thereafter to and including February 1, 2028.
Payments are payable solely from available tax increment derived from the developed/redeveloped
property and paid to the City. The pay-as-you-go note provides for payment to the developer equal
to 90% of all tax increment received in the prior six months. The payment reimburses the developer
for public improvements. The City shall have no obligation to pay any unpaid balance of principal
or accrued interest that may remain after the final payment on February 1, 2028. The current year
abatement (TIF note payments) amount to $56,905. At December 31, 2016, the principal amount
outstanding on the note was $966,095.
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
82
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 2016.
Note 14 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2016, a summary of the governmental fund balance (deficit) classifications are as
follows:
Street
Improvement Street Public
Debt HRA TIF Improvement HRA TIF Utilities
General Fund Service Debt Service Projects Projects Infrastructure Other Funds Total
Nonspendable:
Prepaid items $112,072 $ - $ - $20,000 $ - $ - $37,188 $169,260
Inventory 3,410 - - - - - - 3,410
Total nonspendable 115,482 0 0 20,000 0 0 37,188 172,670
Restricted for:
Tax increment - - - - 1,947,003 - - 1,947,003
Public safety - - - - - - 25,634 25,634
Redevelopment activities - - - - - - - -
Debt service - 4,017,709 10,496 - - - 906,411 4,934,616
Total restricted 0 4,017,709 10,496 0 1,947,003 0 932,045 6,907,253
Committed to:
Community center operations/maintenance - - - - - - 43,550 43,550
Recycling - - - - - - 18,188 18,188
Revolving loan program - - - - - - 43,765 43,765
Total committed 0 0 0 0 0 0 105,503 105,503
Assigned to:
Community center operations/maintenance - - - - - - 14,971 14,971
Street improvements/rehabilitiation - - - 1,105,760 - - - 1,105,760
Building improvements - - - - - - 176,126 176,126
Public safety - - - - - - 11,494 11,494
Storm water system - - - - - 10,104,981 - 10,104,981
Parks and recreation - - - - - - 164,151 164,151
Other capital improvements - - - - - - 1,570,746 1,570,746
Total assigned 0 0 0 1,105,760 0 10,104,981 1,937,488 13,148,229
Unassigned 2,204,185 - - - (1,640,763) - (52,966) 510,456
Total $2,319,667 $4,017,709 $10,496 $1,125,760 $306,240 $10,104,981 $2,959,258 $20,844,111
83
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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, 2016, the unassigned fund balance of the General
Fund was 38% of the subsequent year’s budgeted expenditures.
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, 2016, 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, 2016 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:
2016 Annual Lease Initial
Lease Adjustment Expiration Automatic
Lessee Amount Factor Date Renewals
Sprint Spectrum $26,722 4%2/27/18 4-5 year terms
Verizon (formerly Clearwire Communications) 29,784 4%2/28/17 N/A
Verizon Wireless 25,780 3%8/1/18 4-5 year terms
84
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Future minimum lease payments are as follows:
Verizon
(formerly
Sprint Clearwire Verizon
Spectrum Communications) Wireless
2017 $27,791 $5,061 $26,553
2018 28,902 - 27,350
2019 30,059 - 28,170
2020 31,261 - 29,016
2021 32,590 - 29,886
2022 33,991 - 30,783
2023 35,453 - 31,706
2024 36,978 - 32,657
2025 38,475 - 33,637
2026 40,110 - 34,646
2027 41,835 - 35,685
2028 43,634 - 36,756
2029 7,638 - 37,859
2030 - - 38,994
2031 - - 40,164
2032 - - 41,369
2033 - - 42,610
2034 - - 43,889
2035 - - 45,205
2036 - - 46,561
2037 - - 27,630
Total $428,717 $5,061 $741,126
85
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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 2016 and 2015 is computed as follows:
December 31, December 31,
2016 2015
Market value:
Ramsey County $289,820,400 $255,155,300
Hennepin County 531,886,837 461,515,606
Total market value 821,707,237 716,670,906
Debt limit percentage 3.00% 3.00%
Debt limit 24,651,217 21,500,127
Amount of debt applicable to debt limit:
Total bonded debt 32,775,000 32,610,000
Less nonapplicable debt:
Revenue bonds (water, sewer) (1,100,000) (1,215,000)
Tax abatement bonds (2,395,000) (1,090,000)
Improvement bonds (17,835,000) (18,010,000)
Tax increment bonds (7,450,000) (7,865,000)
Cash and investments in applicable debt
service funds (818,202) (819,672)
Total amount of debt applicable to debt limit 3,176,798 3,610,328
Legal debt margin $21,474,419 $17,889,799
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. 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.
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. 80 Blending Requirements for Certain Component Units. The provisions of this Statement
are effective for reporting periods beginning after June 15, 2016.
86
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Statement No. 81 Irrevocable Split-Interest Agreements. The provisions of this Statement are effective for
reporting periods beginning after December 15, 2016.
Statement No. 82 Pension Issues – an amendment of GASB Statement No. 67, No. 68 and No. 73. The
provisions of this Statement are effective for reporting periods beginning after June 15, 2016, except for
the requirements of this Statement for the selection of assumptions in a circumstance in which an
employer’s pension liability is measured as of a date other than the employer’s most recent fiscal year-end.
In that circumstance, the requirements for the selection of assumptions are effective for that employer in
the first reporting period in which the measurement date of the pension liability is on or after June 15,
2017.
Statement No. 83 Certain Asset Retirement Obligations. The provisions of this Statement are effective for
reporting periods beginning after June 15, 2018.
Statement No. 84 Fiduciary Activities. The provisions of this Statement are effective for reporting periods
beginning after December 15, 2018.
Statement No. 85 Omnibus 2017. The provisions of this Statement are effective for reporting periods
beginning after June 15, 2017.
Statement No. 86 Certain Debt Extinguishment Issues. The provisions of this Statement are effective for
reporting periods beginning after June 15, 2017.
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.
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:
Governmental
Activities
Net position - January 1, 2015, as previously reported $15,524,257
Prior period adjustment:
Deferred outflows of resources - pension related 265,222
Net pension liability (4,813,862)
Net pension asset 205,387
Net position - January 1, 2015, as restated $11,181,004
87
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
Note 20 SUBSEQUENT EVENTS
The City issued the $5,310,000 General Obligation Bonds, Series 2017A to finance 2017 road construction
projects in the City, purchase a new fire truck, and to refund the City’s General Obligation Bonds, Series
2009A.
88
REQUIRED SUPPLEMENTARY INFORMATION
89
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2016 2015
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Revenues:
General property taxes $3,542,616 $3,542,616 $3,536,079 ($6,537) $3,437,635
Licenses and permits 220,844 222,551 304,079 81,528 296,465
Intergovernmental:
Federal:
Police grants 55,010 55,010 38,416 (16,594) 46,457
State:
Local governement aid 523,019 523,019 523,010 (9) 505,415
Police aid 187,930 187,930 197,374 9,444 189,440
Fire aid 45,672 45,672 50,174 4,502 47,725
Municipal state aid - street maintenance 84,000 84,000 89,905 5,905 83,997
PERA aid 7,197 7,197 7,197 - 7,197
County:
Street maintenance 21,965 21,965 28,493 6,528 25,440
Other 8,800 8,800 13,024 4,224 11,588
Local:
School District DARE 14,500 14,500 15,462 962 14,500
Other 250 250 6,443 6,193 445
Total intergovernmental 948,343 948,343 969,498 21,155 932,204
Charges for services:
Police contracts 1,306,052 1,306,052 1,306,052 - 1,268,772
Cable franchise fees 107,100 107,100 113,672 6,572 108,104
Antenna rental - water tower 82,285 82,285 82,245 (40) 79,322
Other 254,392 254,392 180,190 (74,202) 206,912
Total charges for services 1,749,829 1,749,829 1,682,159 (67,670) 1,663,110
Fines and forfeits 111,500 111,500 83,719 (27,781) 125,102
Contributions and donations 1,500 1,500 1,620 120 3,403
Other revenue:
Investment income 10,000 10,000 26,856 16,856 22,960
Refunds and reimbursments 8,750 8,750 - (8,750) 31,411
Army settlement - - 150,977 150,977 -
Miscellaneous - other 29,400 29,400 96,408 67,008 44,811
Total other revenue 48,150 48,150 274,241 226,091 99,182
Total revenues 6,622,782 6,624,489 6,851,395 226,906 6,557,101
Expenditures:
General government:
Mayor and council:
Current:
Personal services 37,871 37,871 40,984 (3,113) 36,562
Other services and charges 41,172 41,172 39,356 1,816 38,261
Total mayor and council 79,043 79,043 80,340 (1,297) 74,823
Budgeted Amounts
90
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2016 2015
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
Public relations/cable:
Current:
Personal services $8,648 $8,648 $8,764 ($116) $7,846
Supplies 850 850 - 850 -
Other services and charges 30,598 30,598 33,939 (3,341) 29,283
Capital outlay 2,500 2,500 - 2,500 -
Total public relations/cable 42,596 42,596 42,703 (107) 37,129
General management:
Current:
Personal services 86,597 86,597 89,190 (2,593) 84,023
Supplies 1,025 1,025 64 961 218
Other services and charges 29,844 29,844 26,517 3,327 26,412
Total general management 117,466 117,466 115,771 1,695 110,653
Elections:
Current:
Personal services 26,283 26,283 19,713 6,570 19,713
Supplies 500 500 934 (434) 505
Other services and charges - - 1,467 (1,467) 2,969
Total elections 26,783 26,783 22,114 4,669 23,187
Finance:
Current:
Personal services 211,911 211,911 215,045 (3,134) 186,904
Supplies 8,874 8,874 8,691 183 7,964
Other services and charges 132,929 132,929 117,631 15,298 125,473
Total finance 353,714 353,714 341,367 12,347 320,341
Assessing:
Current:
Personal services 3,649 3,649 3,669 (20) 3,532
Supplies 153 153 138 15 166
Other services and charges 52,540 52,540 55,531 (2,991) 49,000
Total assessing 56,342 56,342 59,338 (2,996) 52,698
Legal:
Current:
Contracted services 110,750 110,750 104,693 6,057 135,029
Planning and zoning:
Current:
Personal services 11,478 11,478 11,084 394 10,155
Supplies 125 125 132 (7) 344
Other services and charges 59,800 59,800 110,736 (50,936) 51,787
Total planning and zoning 71,403 71,403 121,952 (50,549) 62,286
Budgeted Amounts
91
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2016 2015
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Other services and charges $68,685 $77,085 $75,191 $1,894 $58,283
Total general government buildings 68,685 77,085 75,191 1,894 58,283
Total general government 926,782 935,182 963,469 (28,287) 874,429
Public safety:
Civil defense:
Current:
Personal services 64,016 64,016 65,991 (1,975) 62,842
Supplies 469 469 150 319 951
Other services and charges 3,975 3,975 1,665 2,310 2,434
Total civil defense 68,460 68,460 67,806 654 66,227
Police protection:
Current:
Personal services 3,020,948 3,020,948 3,147,464 (126,516) 2,878,831
Supplies 128,093 128,093 91,024 37,069 105,476
Other services and charges 181,450 181,450 690,723 (509,273) 171,143
Total police protection 3,330,491 3,330,491 3,929,211 (598,720) 3,155,450
Fire protection:
Current:
Personal services 912,534 912,534 926,004 (13,470) 890,772
Supplies 37,396 37,396 35,006 2,390 30,543
Other services and charges 62,386 62,386 68,330 (5,944) 58,586
Total fire protection 1,012,316 1,012,316 1,029,340 (17,024) 979,901
Protective inspections:
Current:
Personal services 12,656 12,656 12,429 227 11,657
Supplies - - 92 (92) 336
Other services and charges 71,435 71,435 106,164 (34,729) 111,261
Total protective inspections 84,091 84,091 118,685 (34,594) 123,254
DARE program:
Current:
Personal services 12,510 12,510 10,039 2,471 10,425
Supplies 2,754 2,754 2,107 647 3,014
Total DARE program 15,264 15,264 12,146 3,118 13,439
Budgeted Amounts
92
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2016 2015
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Public safety: (continued)
Animal control:
Current:
Supplies $75 $75 $ - $75 $ -
Contracted services 500 500 - 500 206
Total animal control 575 575 0 575 206
Total public safety 4,511,197 4,511,197 5,157,188 (645,991) 4,338,477
Public works:
Street maintenance:
Current:
Personal services 414,703 414,703 387,822 26,881 379,404
Supplies 16,581 16,581 16,506 75 14,727
Other services and charges 107,510 103,510 100,477 3,033 110,382
Total street maintenance 538,794 534,794 504,805 29,989 504,513
Equipment maintenance:
Current:
Personal services 85,617 85,617 76,674 8,943 82,594
Supplies 287,616 287,616 160,804 126,812 234,273
Other services and charges 43,845 43,845 48,826 (4,981) 37,935
Total equipment maintenance 417,078 417,078 286,304 130,774 354,802
Tree and weed care:
Current:
Personal services 39,771 39,771 38,700 1,071 37,930
Other services and charges 4,877 4,877 5,776 (899) 3,594
Total tree and weed care 44,648 44,648 44,476 172 41,524
Total public works 1,000,520 996,520 835,585 160,935 900,839
Parks and recreation:
Park maintenance:
Current:
Personal services 170,593 170,593 146,130 24,463 160,315
Supplies 11,000 11,000 11,193 (193) 16,188
Other services and charges 38,217 38,217 39,084 (867) 30,524
Total park maintenance 219,810 219,810 196,407 23,403 207,027
Recreation:
Current:
Community services 52,176 52,176 52,176 - 52,176
Total parks and recreation 271,986 271,986 248,583 23,403 259,203
Budgeted Amounts
93
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2016 2015
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Nondepartmental:
Personal services $36,210 $36,210 $26,843 $9,367 $34,133
Supplies 510 510 4,857 (4,347) -
Insurance deductible costs 6,000 6,000 6,721 (721) 6,006
Total nondepartmental 42,720 42,720 38,421 4,299 40,139
Total expenditures 6,753,205 6,757,605 7,243,246 (485,641) 6,413,087
Revenues over (under) expenditures (130,423) (133,116) (391,851) (258,735) 144,014
Other financing sources (uses):
Transfers in 313,560 313,560 433,606 120,046 195,060
Transfers out (168,100) (168,100) (168,100) - (368,543)
Total other financing sources (uses) 145,460 145,460 265,506 120,046 (173,483)
Net change in fund balance $15,037 $12,344 (126,345) ($138,689) (29,469)
Fund balance - January 1 2,446,012 2,475,481
Fund balance - December 31 $2,319,667 $2,446,012
Budgeted Amounts
94
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, 2016
(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, 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%
January 1, 2016 - 644,198 0.00% 644,198 4,162,000 15.48%
95
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, 2016
St. Anthony's
Proportionate St. Anthony's
Share of the Proportionate
State's Net Pension Share of the Plan
Proportionate Liability and Net Pension Fiduciary
St. Anthony's St. Anthony's Share (Amount) the State's Liability Net Position
Proportionate Proportionate of the Net Proportionate as a as a
Share Share (Amount) Pension Share of the Net Percentage Percentage
(Percentage) of of the Net Liability Pension Liability of its covered of the Total
Measurement Fiscal Year the Net Pension Pension Associated with Associated with Covered Payroll Pension
Date Ending Liability Liability (a) St. Anthony (b) St. Anthony (a+b) Payroll (c) ((a+b)/c) Liability
June 30, 2015 December 31, 2015 0.0343% $1,777,604 $ - $1,777,604 $2,012,851 88.3% 78.2%
June 30, 2016 December 31, 2016 0.0353% 2,866,185 37,474 2,903,659 2,192,080 132.5% 68.9%
* 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.
96
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 13
SCHEDULE OF PENSION CONTRIBUTIONS* - GENERAL EMPLOYEES RETIREMENT FUND
For The Year Ended December 31, 2016
Statutorily Contributions in Contribution Contributions as a
Required Relation to the Deficiency Covered Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered
Ending (a) Contribution (b) (a-b) (c) Payroll (b/c)
December 31, 2015 $161,326 $161,326 $ - $2,151,016 7.5%
December 31, 2016 160,607 160,607 - 2,141,425 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.
97
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, 2016
Proportionate Share
Proportionate of the Net Pension Plan Fiduciary
Proportion Share (Amount) Liability as a Net Position as
(Percentage) of of the Net Percentage of its a Percentage
Measurement Fiscal Year the Net Pension Pension Covered Covered 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%
June 30, 2016 December 31, 2016 0.2920% 11,718,468 2,816,408 416.1%63.9%
* 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 15
SCHEDULE OF PENSION CONTRIBUTIONS* - PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The Year Ended December 31, 2016
Statutorily Contributions in Contribution Contributions as a
Required Relation to the Deficiency Covered Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered
Ending (a) Contribution (b) (a-b) (c) Payroll (b/c)
December 31, 2015 $435,571 $435,571 $ - $2,688,709 16.2%
December 31, 2016 447,527 447,527 - 2,762,512 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.
99
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, 2016
Fiscal year ending December 31, 2016 December 31, 2015
Measurement date December 31, 2016 December 31, 2015
Total pension liability:
Service cost $47,233 $44,095
Interest 31,829 30,759
Changes of benefit terms - -
Differences between expected and actual experience - -
Changes of assumptions (36,075) -
Benefit payments, including refunds of employee contributions (80,200)(25,472)
Net change in total pension liability (37,213)49,382
Total pension liability - beginning 741,775 692,393
Total pension liability - ending (a)$704,562 $741,775
Plan fiduciary net position:
Contributions - employer $6,000 $6,000
Contributions - State of Minnesota 51,174 48,725
Contributions - employee - -
Net investment income 39,971 (23,129)
Benefit payments, including refunds of employee contributions (80,200)(25,472)
Administrative expense (8,653)(10,561)
Other - -
Net change in plan fiduciary net position 8,292 (4,437)
Plan fiduciary net position - beginning 893,343 897,780
Plan fiduciary net position - ending (b)$901,635 $893,343
Net pension liability (asset) - ending (a) - (b)($197,073)($151,568)
Plan fiduciary net position as a percentage of the total pension liability 127.97%120.43%
Covered-employee payroll**$ - $ -
Net pension liability as a percentage of covered employee payroll**NA NA
Pension benefit per year of service $3,300 $3,300
Number of plan participants 32 32
*GASB 68 was implemented in 2015. Information prior to 2015 is not available.
**The Relief Association is comprised on volunteers, therefore there are no payroll expenditures.
100
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, 2016
Statutorily Contributions in Contribution Contributions as a
Required Relation to the Deficiency Covered Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll** Covered
Ending (a) Contribution (b) (a-b) (c) Payroll** (b/c)
December 31, 2015 $22,977 $53,725 ($30,748) $ - NA
December 31, 2016 - 56,174 (56,174) - 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.)
101
- This page intentionally left blank -
102
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2016
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
2016 Changes
Changes in Actuarial Assumptions:
- The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2035 and
2.5% per year thereafter to 1.0% per year for all future years.
- The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was changed
from 7.9% to 7.5%.
- Other assumptions were changed pursuant to the experience study dated June 30, 2015. The assumed
future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25% for payroll growth
and 2.50% for inflation.
PERA – Public Employees Police and Fire Fund
2016 Changes
Changes in Actuarial Assumptions:
- The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037 and
2.5% thereafter to 1.0% per year for all future years.
- The assumed investment return was changed from 7.9% to 7.5%. The single discount rate changed
from 7.9% to 5.6%.
- The assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25%
for payroll growth and 2.50% for inflation.
Single Employer – Fire Relief Association
2016 Changes
Changes in Actuarial Assumptions:
- The assumed investment return was changed from 4.25% to 6.00%. The single discount rate changed
from 4.25% to 6.00%.
103
- This page intentionally left blank -
104
COMBINING AND INDIVIDUAL NONMAJOR FUND FINANCIAL
STATEMENTS AND SCHEDULES
105
- This page intentionally left blank -
106
NONMAJOR GOVERNMENTAL FUNDS
107
- This page intentionally left blank -
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, 2016
With Comparative Totals For December 31, 2015
Special Debt Capital
Revenue Service Project 2016 2015
Assets
Cash and investments $124,485 $902,863 $1,030,414 $2,057,762 $1,486,149
Due from other governmental units 1,063 - 1,053,004 1,054,067 9,841
Accounts receivable - net - - - - 17,367
Prepaid items 2,442 - 34,746 37,188 2,175
Property taxes receivable:
Delinquent 1,608 7,594 1,462 10,664 9,794
Due from county 1,098 3,638 955 5,691 -
Special assessments receivable - - 24,217 24,217 27,245
Funds held by others 43,765 - - 43,765 71,941
Total assets $174,461 $914,095 $2,144,798 $3,233,354 $1,624,512
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $12,202 $540 $105,125 $117,867 $32,043
Interfund payable 51,333 - 23,265 74,598 -
Interfund loan payable - - 44,960 44,960 50,580
Due to other governmental units 14 - - 14 3,439
Salaries payable 1,776 - - 1,776 1,348
Total liabilities 65,325 540 173,350 239,215 87,410
Deferred inflows of resources:
Unavailable revenue 1,608 7,594 25,679 34,881 37,039
Total deferred inflows of resources 1,608 7,594 25,679 34,881 37,039
Fund balance (deficit):
Nonspendable 2,442 - 34,746 37,188 2,157
Restricted 25,634 906,411 - 932,045 901,789
Committed 105,503 - - 105,503 94,107
Assigned 26,465 - 1,911,023 1,937,488 578,258
Unassigned (52,516) (450) - (52,966) (76,266)
Total fund balance (deficit)107,528 905,961 1,945,769 2,959,258 1,500,045
Total liabilities, deferred inflows of
resources, and fund balance $174,461 $914,095 $2,144,798 $3,233,354 $1,624,494
Total
Nonmajor Governmental Funds
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
Special Debt Capital
Revenue Service Project 2016 2015
Revenues:
General property taxes $138,346 $533,971 $151,900 $824,217 $704,274
Intergovernmental 20,768 32,511 1,053,004 1,106,283 681,154
Special assessments - - 4,477 4,477 8,126
Charges for services 131,259 - 1,500 132,759 324,514
Fines and forfeits 9,810 - - 9,810 5,721
Investment income 1,520 7,936 15,733 25,189 20,513
Contributions and donations - - 2,500 2,500 12,500
Refunds and reimbursements - - 99 99 25,832
Army settlement - - 77,572 77,572 -
Other - - 3,200 3,200 852
Total revenues 301,703 574,418 1,309,985 2,186,106 $1,783,486
Expenditures:
Current:
General government 17,052 - 52,077 69,129 58,101
Public safety 7,082 - - 7,082 13,571
Public works - - 183,734 183,734 142,712
Parks and recreation 148,765 - 12,631 161,396 187,721
Housing and development 155,116 - - 155,116 117,902
Capital outlay:
General government - - 8,201 8,201 168,176
Public safety - - 256,053 256,053 150,645
Public works - - 38,675 38,675 67,831
Debt service:
Principal - 440,000 - 440,000 635,000
Interest - 97,603 2,659 100,262 113,459
Paying agent fees - 949 - 949 812
Professional service - - - - 1,219
Construction/acquistion costs - - - - 620,137
Total expenditures 328,015 538,552 554,030 1,420,597 2,277,286
Revenues over (under) expenditures (26,312) 35,866 755,955 765,509 (493,800)
Other financing sources:
Sale of capital assets - - 15,186 15,186 25,860
Transfers in 81,800 - 813,928 895,728 958,017
Transfers out (25,000) - (192,210) (217,210) (753,585)
Total other financing sources 56,800 0 636,904 693,704 230,292
Net change in fund balance 30,488 35,866 1,392,859 1,459,213 (263,508)
Fund balance (deficit) - January 1 77,040 870,095 552,910 1,500,045 1,763,553
Fund balance (deficit) - December 31 $107,528 $905,961 $1,945,769 $2,959,258 $1,500,045
Totals
Nonmajor Governmental Funds
111
- This page intentionally left blank -
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
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2016
With Comparative Totals For December 31, 2015
Community Center
Fund Police Forfeiture Fund
Assets
Cash and investments $69,976 $31,552
Prepaid items 1,135 -
Property taxes receivable:
Delinquent - -
Due from county - -
Due from other governments - 1,063
Funds held by others - -
Total assets $71,111 $32,615
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $11,217 $ -
Interfund payable - -
Due to other governmental units 14 -
Salaries payable 224 -
Total liabilities 11,455 0
Deferred inflows of resources:
Unavailable revenue - -
Total deferred inflows of resources 0 0
Fund balance (deficit):
Nonspendable 1,135 -
Restricted - 24,134
Committed 43,550 -
Assigned 14,971 8,481
Unassigned - -
Total fund balance (deficit)59,656 32,615
Total liabilities, deferred inflows of
resources, and fund balance $71,111 $32,615
114
Statement 20
Recycling Fund HRA Fund
Fire Education /
Training Fund
2016 2015
$18,444 $ - $4,513 $124,485 $17,687
138 1,169 - 2,442 2,157
- 1,608 - 1,608 1,584
- 1,098 - 1,098 -
- - - 1,063 -
- 43,765 - 43,765 71,941
$18,582 $47,640 $4,513 $174,461 $93,369
$256 $729 $ - $12,202 $12,724
- 51,333 - 51,333 -
- - - 14 673
- 1,552 - 1,776 1,348
256 53,614 0 65,325 14,745
- 1,608 - 1,608 1,584
0 1,608 0 1,608 1,584
138 1,169 - 2,442 2,157
- - 1,500 25,634 31,694
18,188 43,765 - 105,503 94,107
- - 3,013 26,465 25,348
- (52,516) - (52,516)(76,266)
18,326 (7,582)4,513 107,528 77,040
$18,582 $47,640 $4,513 $174,461 $93,369
Nonmajor Special Revenue Funds
Totals
115
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
Community Center
Fund
Police Forfeiture
Fund
Revenues:
General property taxes $ - $ -
Intergovernmental:
Local - other - -
Charges for services:
Administrative fees - -
Rental receipts 125,000 -
Fines and forfeits - 9,810
Investment income 859 418
Refunds and reimbursements - -
Total revenues 125,859 10,228
Expenditures:
Current:
General government - -
Public safety - 3,760
Parks and recreation 148,765 -
Housing and development - -
Total expenditures 148,765 3,760
Revenues over (under) expenditures (22,906)6,468
Other financing sources (uses):
Transfers in 81,800 -
Transfers out (25,000) -
Total other financing sources (uses)56,800 0
Net change in fund balance 33,894 6,468
Fund balance (deficit) - January 1 25,762 26,147
Fund balance (deficit) - December 31 $59,656 $32,615
116
Statement 21
Recycling Fund HRA Fund
Fire Education /
Training Fund
2016 2015
$ - $138,346 $ - $138,346 $130,313
20,768 - - 20,768 21,327
2,636 - 3,623 6,259 7,127
- - - 125,000 125,000
- - - 9,810 5,721
182 - 61 1,520 960
- - - - 2,372
23,586 138,346 3,684 301,703 292,820
17,052 - - 17,052 18,793
- - 3,322 7,082 13,571
- - - 148,765 169,134
- 155,116 - 155,116 117,902
17,052 155,116 3,322 328,015 319,400
6,534 (16,770)362 (26,312)(26,580)
- - - 81,800 232,830
- - - (25,000)(25,000)
0 0 0 56,800 207,830
6,534 (16,770)362 30,488 181,250
11,792 9,188 4,151 77,040 (104,210)
$18,326 ($7,582)$4,513 $107,528 $77,040
Nonmajor Special Revenue Funds
Totals
117
- This page intentionally left blank -
118
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.
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.
HSIP Tax Abatement Fund (536) was established to account for debt service for
sidewalks and signal light improvements.
119
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 22
NONMAJOR DEBT SERVICE FUNDS
December 31, 2016
With Comparative Totals For December 31, 2015
Public Facilities
Revenue Bonds
Tax Abatement
Fund
HSIP Tax
Abatement
Fund
2016 2015
Assets
Cash and investments $657,559 $245,304 $ - $902,863 $872,735
Property taxes receivable:
Delinquent 5,435 2,159 - 7,594 7,564
Due from county 2,599 1,039 - 3,638 -
Total assets $665,593 $248,502 $0 $914,095 $880,299
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $90 $ - $450 $540 $76
Due to other governments - - - - 2,564
Total liabilities 90 0 450 540 2,640
Deferred inflows of resources:
Unavailable revenue 5,435 2,159 - 7,594 7,564
Total deferred inflows of resources 5,435 2,159 0 7,594 7,564
Fund balance:
Restricted 660,068 246,343 - 906,411 870,095
Unassigned - - (450) (450) -
Total fund balance (deficit) 660,068 246,343 (450) 905,961 870,095
Total liabilities, deferred inflows of
resources, and fund balance $665,593 $248,502 $0 $914,095 $880,299
Totals
Nonmajor Debt Service Funds
120
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
Public Facilities
Revenue Bonds
Tax Abatement
Fund
HSIP Tax
Abatement
2016 2015
Revenues:
General property taxes $381,273 $152,698 $ - $533,971 $524,965
Intergovernmental:
Local:
ISD - tax abatement - 32,511 - 32,511 33,277
Charges for services - - - - 9,619
Investment income 6,059 1,877 - 7,936 6,280
Total revenues 387,332 187,086 0 574,418 574,141
Expenditures:
Debt service:
Principal 300,000 140,000 - 440,000 635,000
Interest 61,640 35,963 - 97,603 110,504
Paying agent fees 328 171 450 949 812
Professional service - - - - 1,219
Total expenditures 361,968 176,134 450 538,552 747,535
Revenues over (under) expenditures 25,364 10,952 (450) 35,866 (173,394)
Other financing sources (uses):
Transfers out - - - - (5,163)
Net change in fund balance 25,364 10,952 (450) 35,866 (178,557)
Fund balance - January 1 634,704 235,391 - 870,095 1,048,652
Fund balance - December 31 $660,068 $246,343 ($450) $905,961 $870,095
Nonmajor Debt Service Funds
Totals
121
- This page intentionally left blank -
122
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.
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.
123
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2016
With Comparative Totals For December 31, 2015
Revolving Improvement Park Improvement
Assets
Cash and investments $ - $164,151
Due from other governmental units 1,053,004 -
Accounts receivable - -
Prepaids - -
Property taxes receivable:
Delinquent - -
Due from county - -
Special assessment receivable 24,217 -
Total assets $1,077,221 $164,151
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $90,679 $ -
Interfund payable 23,265 -
Interfund loan payable 44,960 -
Due to other governments - -
Total liabilities 158,904 0
Deferred inflows of resources:
Unavailable revenue 24,217 -
Total deferred inflows of resources 24,217 0
Fund balance (deficit):
Nonspendable - -
Assigned 894,100 164,151
Unassigned - -
Total fund balance (deficit)894,100 164,151
Total liabilities, deferred inflows
of resources, and fund balance $1,077,221 $164,151
124
Statement 24
Capital Equipment Fund
Building Improvement
Fund
2016 2015
$690,574 $175,689 $1,030,414 $595,727
- - 1,053,004 9,841
- - - 17,367
- 34,746 34,746 -
913 549 1,462 646
518 437 955 -
- - 24,217 27,245
$692,005 $211,421 $2,144,798 $650,826
$14,446 $ - $105,125 $19,243
- - 23,265 -
- - 44,960 50,580
- - - 202
14,446 0 173,350 70,025
913 549 25,679 27,891
913 549 25,679 27,891
- 34,746 34,746 -
676,646 176,126 1,911,023 552,910
- - - -
676,646 210,872 1,945,769 552,910
$692,005 $211,421 $2,144,798 $650,826
Nonmajor Capital Project Funds
Totals
125
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
Revolving Improvement Park Improvement
Revenues:
General property taxes $ - $ -
Intergovernmental:
State 1,053,004 -
Other - local participation - -
Special assessments 4,477 -
Charges for services:
Service charges - 1,500
Investment income 1,594 2,514
Contributions and donations - -
Refunds and reimbursements 99 -
Army settlement - -
Other - -
Total revenues 1,059,174 4,014
Expenditures:
General government:
Materials and supplies - -
Contractual services - -
Capital outlay - -
Public safety:
Capital outlay - -
Public works:
Materials and supplies - -
Contractual services 171,725 -
Capital outlay - -
Parks and recreation:
Materials and supplies - 12,631
Debt service:
Interest 2,659 -
Construction/acquistion costs - -
Total expenditures 174,384 12,631
Revenues over (under) expenditures 884,790 (8,617)
Other financing sources:
Sale of capital assets - -
Transfers in - -
Transfers out (192,210) -
Total other financing sources (192,210)0
Net change in fund balance 692,580 (8,617)
Fund balance (deficit) - January 1 201,520 172,768
Fund balance (deficit) - December 31 $894,100 $164,151
126
Statement 25
Capital Equipment Fund
Building Improvement
Fund
2016 2015
$79,825 $72,075 $151,900 $48,996
- - 1,053,004 -
- - - 626,550
- - 4,477 8,126
- - 1,500 182,768
8,932 2,693 15,733 13,273
2,500 - 2,500 12,500
- - 99 23,460
77,572 - 77,572 -
3,200 - 3,200 852
172,029 74,768 1,309,985 916,525
52,077 - 52,077 39,308
- - - -
8,201 - 8,201 168,176
196,202 59,851 256,053 150,645
- 12,009 12,009 33,086
- - 171,725 109,626
38,675 - 38,675 67,831
- - 12,631 18,587
- - 2,659 2,955
- - - 620,137
295,155 71,860 554,030 1,210,351
(123,126)2,908 755,955 (293,826)
15,186 - 15,186 25,860
607,653 206,275 813,928 725,187
- - (192,210)(723,422)
622,839 206,275 636,904 27,625
499,713 209,183 1,392,859 (266,201)
176,933 1,689 552,910 819,111
$676,646 $210,872 $1,945,769 $552,910
Totals
Nonmajor Capital Project Funds
127
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, 2016
With Comparative Actual Amounts For The Year Ended December 31, 2015
2015
Original Final Actual Actual
Revenues:
Charges for services:
Rental receipts $125,000 $125,000 $125,000 $125,000
Investment income 150 150 859 430
Total revenues 125,150 125,150 125,859 125,430
Expenditures:
Parks and recreation:
Current:
Personal services 16,066 16,066 15,002 14,281
Supplies 3,053 3,053 2,579 3,489
Contractual services 155,146 155,146 131,184 151,364
Total expenditures 174,265 174,265 148,765 169,134
Revenues over (under) expenditures (49,115) (49,115) (22,906) (43,704)
Other financing sources:
Transfer in 81,800 81,800 81,800 78,650
Transfer out (25,000) (25,000) (25,000) (25,000)
Total other financing sources (uses)56,800 56,800 56,800 53,650
Net change in fund balance $7,685 $7,685 33,894 9,946
Fund balance - January 1 25,762 15,816
Fund balance - December 31 $59,656 $25,762
2016
Budgeted Amounts
128
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, 2016
With Comparative Actual Amounts For The Year Ended December 31, 2015
2015
Original Final Actual Actual
Revenues:
Forfeiture and confiscation $6,500 $6,500 $9,810 $5,721
Investment income 250 250 418 362
Total revenues 6,750 6,750 10,228 6,083
Expenditures:
Public safety:
Current:
Supplies 3,010 3,010 857 11,108
Other services and charges 4,710 4,710 2,903 -
Total expenditures 7,720 7,720 3,760 11,108
Revenues over (under) expenditures ($970)($970)6,468 (5,025)
Fund balance - January 1 26,147 31,172
Fund balance - December 31 $32,615 $26,147
2016
Budgeted Amounts
129
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, 2016
With Comparative Actual Amounts For The Year Ended December 31, 2015
2015
Original Final Actual Actual
Revenues:
Intergovernmental:
Hennepin County recycling grant $21,329 $21,329 $20,768 $21,327
Charges for services 3,500 3,500 2,636 3,465
Investment income 50 50 182 125
Total revenues 24,879 24,879 23,586 24,917
Expenditures:
General government:
Current:
Personal services 8,978 8,978 8,764 7,754
Other services and charges 12,322 12,322 8,288 11,039
Total expenditures 21,300 21,300 17,052 18,793
Revenues over expenditures $3,579 $3,579 6,534 6,124
Fund balance (deficit) - January 1 11,792 5,668
Fund balance (deficit) - December 31 $18,326 $11,792
2016
Budgeted Amounts
130
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, 2016
With Comparative Actual Amounts For The Year Ended December 31, 2015
2015
Original Final Actual Actual
Revenues:
General property taxes $140,170 $140,170 $138,346 $130,313
Refunds and reimbursements 2,500 2,500 - 2,372
Total revenues 142,670 142,670 138,346 132,685
Expenditures:
Housing and redevelopment:
Current:
Personal services 104,138 104,138 106,418 99,041
Contractual services 19,850 19,850 48,698 18,861
Total expenditures 123,988 123,988 155,116 117,902
Revenues over (under) expenditures 18,682 18,682 (16,770) 14,783
Other financing sources:
Transfer in - - - 154,180
Net change in fund balance $18,682 $18,682 (16,770) 168,963
Fund balance (deficit) - January 1 9,188 (159,775)
Fund balance (deficit) - December 31 ($7,582)$9,188
2016
Budgeted Amounts
131
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, 2016
With Comparative Actual Amounts For The Year Ended December 31, 2015
2015
Original Final Actual Actual
Revenues:
Charges for services $3,000 $3,000 $3,623 $3,662
Investment income 25 25 61 43
Total revenues 3,025 3,025 3,684 3,705
Expenditures:
Public safety:
Current:
Personal services 1,400 1,400 1,260 1,420
Materials and supplies 1,424 1,424 2,062 1,043
Total expenditures 2,824 2,824 3,322 2,463
Revenues over expenditures $201 $201 362 1,242
Fund balance - January 1 4,151 2,909
Fund balance - December 31 $4,513 $4,151
2016
Budgeted Amounts
132
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Statement 31
AGENCY FUND
For The Year Ended December 31, 2016
Balance Balance
January 1, December 31,
2016 Additions Deletions 2016
Developer Deposits
Assets:
Cash and investments ($4,122) $80,480 ($61,322) $15,036
Accounts receivable - net 4,122 86,176 (86,842) 3,456
Total assets $ - $166,656 ($148,164) $18,492
Liabilities:
Deposits payable $ - $18,492 $ - $18,492
133
- This page intentionally left blank -
134
SUPPLEMENTARY FINANCIAL INFORMATION
135
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
STREET IMPROVEMENT DEBT SERVICE FUND
December 31, 2016
With Comparative Totals For December 31, 2015
Prior to 2008
Street
Improvement
Bonds Fund
2008 Street
Improvement
Bond Fund
2009 Street
Improvement
Bond Fund
2010 Street
Improvement
Bond Fund
2011 Street
Improvement
Bond Fund
Assets
Cash and investments $1,773,577 $160,643 $329,110 $154,125 $388,961
Property taxes receivable:
Delinquent 11,329 2,177 2,320 1,556 1,876
Due from county 5,990 989 1,220 1,117 862
Special assessments receivable 232,014 - 116,443 34,641 104,356
Total assets $2,022,910 $163,809 $449,093 $191,439 $496,055
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $7,050 $ - $ - $ - $450
Due to other governmental units - - - - -
Total liabilities 7,050 0 0 0 450
Deferred inflows of resources:
Unavailable revenue 243,343 2,177 116,150 36,197 106,233
Total deferred inflows of resources 243,343 2,177 116,150 36,197 106,233
Fund balance (deficit):
Restricted 1,772,517 161,632 332,943 155,242 389,372
Total fund balance (deficit) 1,772,517 161,632 332,943 155,242 389,372
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$2,022,910 $163,809 $449,093 $191,439 $496,055
136
Exhibit 1
2012 Street
Improvement
Bond Fund
2013 Street
Improvement
Bond Fund
2014 Street
Improvement
Bond Fund
2015 Street
Improvement
Bond Fund
2016 Street
Improvement
Bond Fund
2016 2015
$337,341 $384,394 $185,721 $243,546 $53,818 $4,011,236 $3,693,186
1,762 1,088 1,575 1,400 - 25,083 24,387
1,060 477 978 1,109 - 13,802 2,299
280,849 140,413 208,171 300,347 239,064 1,656,298 1,838,071
$621,012 $526,372 $396,445 $546,402 $292,882 $5,706,419 $5,557,943
$90 $ - $450 $1,450 $450 $9,940 $774
- - - - - - 6,227
90 0 450 1,450 450 9,940 7,001
282,611 141,502 209,746 301,747 239,064 1,678,770 1,861,831
282,611 141,502 209,746 301,747 239,064 1,678,770 1,861,831
338,311 384,870 186,249 243,205 53,368 4,017,709 3,689,111
338,311 384,870 186,249 243,205 53,368 4,017,709 3,689,111
$621,012 $526,372 $396,445 $546,402 $292,882 $5,706,419 $5,557,943
Street Improvement Debt Service Funds
137
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
Prior to 2008
Street
Improvement
Bonds Fund
2008 Street
Improvement
Bond Fund
2009 Street
Improvement
Bond Fund
2010 Street
Improvement
Bond Fund
2011 Street
Improvement
Bond Fund
Revenues:
General property taxes $754,860 $142,693 $144,146 $109,915 $124,843
Special assessments 303,390 - 22,088 4,270 14,977
Investment income 15,262 1,022 3,186 1,238 4,574
Total revenues 1,073,512 143,715 169,420 115,423 144,394
Expenditures:
Debt service:
Principal 905,000 135,000 160,000 80,000 115,000
Interest 96,483 28,275 64,618 32,492 54,575
Paying agent fees 8,683 586 400 400 747
Professional service 316 - 278 292 6,771
Issuance costs - - - - -
Total expenditures 1,010,482 163,861 225,296 113,184 177,093
Revenues over (under) expenditures 63,030 (20,146) (55,876) 2,239 (32,699)
Other financing sources (uses):
Bonds issued - - - - -
Transfers in 150,000 - 25,000 - -
Total other financing sources (uses) 150,000 0 25,000 0 0
Net change in fund balance 213,030 (20,146) (30,876) 2,239 (32,699)
Fund balance (deficit) - January 1 1,559,487 181,778 363,819 153,003 422,071
Fund balance (deficit) - December 31 $1,772,517 $161,632 $332,943 $155,242 $389,372
138
Exhibit 2
2012 Street
Improvement
Bond Fund
2013 Street
Improvement
Bond Fund
2014 Street
Improvement
Bond Fund
2015 Street
Improvement
Bond Fund
2016 Street
Improvement
Bond Fund
2016 2015
$119,827 $68,044 $153,688 $182,724 $ - $1,800,740 $1,755,161
34,306 17,756 34,077 70,808 33,275 534,947 352,353
3,366 4,934 1,008 1,331 - 35,921 26,026
157,499 90,734 188,773 254,863 33,275 2,371,608 2,133,540
130,000 115,000 125,000 - - 1,765,000 2,870,000
42,613 27,786 52,880 71,415 - 471,137 477,386
194 450 900 900 - 13,260 4,940
162 347 394 146 195 8,901 15,752
- - - - 450 450 477
172,969 143,583 179,174 72,461 645 2,258,748 3,368,555
(15,470) (52,849) 9,599 182,402 32,630 112,860 (1,235,015)
- - - - 20,738 20,738 43,982
20,000 - - - - 195,000 228,982
20,000 0 0 0 20,738 215,738 272,964
4,530 (52,849) 9,599 182,402 53,368 328,598 (962,051)
333,781 437,719 176,650 60,803 - 3,689,111 4,651,162
$338,311 $384,870 $186,249 $243,205 $53,368 $4,017,709 $3,689,111
Street Improvement Debt Service
Funds
139
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 3
HRA TIF DEBT SERVICE FUND
December 31, 2016
With Comparative Totals For December 31, 2015
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2016 2015
Assets
Cash and investments $5,717 $4,779 $10,496 $12,649
Accounts receivable - - - 4,097
Total assets $5,717 $4,779 $10,496 $16,746
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $1,425
Total liabilities 0 0 0 1,425
Fund balance:
Restricted 5,717 4,779 10,496 15,321
Total liabilities, deferred inflows of
resources, and fund balance $5,717 $4,779 $10,496 $16,746
HRA TIF Debt Service Fund Totals
140
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2016 2015
Revenues:
Investment income $86 $111 $197 $63
Total revenues 86 111 197 63
Expenditures:
Debt service:
Principal 245,000 170,000 415,000 245,000
Interest and other 58,733 97,325 156,058 336,268
Paying agent fees 292 292 584 4,634
Professional service 7,438 - 7,438 -
Bond issuance costs - - - 84,152
Total expenditures 311,463 267,617 579,080 670,054
Revenues over (under) expenditures (311,377) (267,506) (578,883) (669,991)
Other financing sources (uses):
Refunding bonds issued - - - 4,310,000
Premium on debt issued - - - 110,659
Payment to refunded bond escrow agent - - - (4,332,935)
Transfers in 310,233 263,825 574,058 587,200
Total other financing sources (uses) 310,233 263,825 574,058 674,924
Net change in fund balance (1,144) (3,681) (4,825) 4,933
Fund balance - January 1 6,861 8,460 15,321 10,388
Fund balance - December 31 $5,717 $4,779 $10,496 $15,321
HRA TIF Debt Service Fund Totals
141
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 5
HRA TIF IMPROVEMENTS FUND
December 31, 2016
With Comparative Totals For December 31, 2015
Chandler Place
Apache (Wal-
Mart)
Apache (Cub
Foods)Eliminations
2016 2015
Assets
Cash and investments $77,880 $1,271,569 $499,707 $ - $1,849,156 $1,360,351
Interfund loan receivable 646,850 - 722,566 (1,369,416) - -
Property taxes receivable:
Delinquent - 48,470 - - 48,470 69,656
Due from county - 20,134 - - 20,134 4,138
Total assets $724,730 $1,340,173 $1,222,273 ($1,369,416) $1,917,760 $1,434,145
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $603,724 $ - $ - $603,724 $233,057
Interfund loans payable - 2,328,742 - (1,369,416) 959,326 959,326
Total liabilities 0 2,932,466 0 (1,369,416) 1,563,050 1,192,383
Deferred inflows of resources:
Unavailable revenue - 48,470 - - 48,470 69,656
Total deferred inflows of resources 0 48,470 0 0 48,470 69,656
Fund balance (deficit):
Restricted 724,730 - 1,222,273 - 1,947,003 1,885,568
Unassigned - (1,640,763) - - (1,640,763) (1,713,462)
Total fund balance (deficit) 724,730 (1,640,763) 1,222,273 0 306,240 172,106
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $724,730 $1,340,173 $1,222,273 ($1,369,416) $1,917,760 $1,434,145
Tax Increment Financing Districts
HRA TIF Improvements Total
142
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
Chandler Place
Apache (Wal-
Mart)
Apache (Cub
Foods)
2016 2015
Revenues:
Tax increment collections $ - $1,476,275 $ - $1,476,275 $1,106,582
Investment income 26,685 8,808 35,946 71,439 66,122
Total revenues 26,685 1,485,083 35,946 1,547,714 1,172,704
Expenditures:
General government:
Other - 15,812 - 15,812 15,559
Housing and redevelopment 557 - 639 1,196 1,392
Debt service:
Interest - 93,150 - 93,150 93,149
Construction/acquisition costs - 101,725 - 101,725 -
Developer incentives - 627,639 - 627,639 475,886
Total expenditures 557 838,326 639 839,522 585,986
Revenues over expenditures 26,128 646,757 35,307 708,192 586,718
Other financing sources (uses):
Transfers out - (574,058) - (574,058) (587,200)
Net change in fund balance 26,128 72,699 35,307 134,134 (482)
Fund balance - January 1 698,602 (1,713,462) 1,186,966 172,106 172,588
Fund balance (deficit) - December 31 $724,730 ($1,640,763) $1,222,273 $306,240 $172,106
Tax Increment Financing Districts
HRA TIF Improvements Totals
143
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 7
STREET IMPROVEMENT PROJECT FUND
December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
2014 Street
Improvement
Fund
2015 Street
Improvement
Fund
2016 Street
Improvement
Fund
2017 Street
Improvement
Fund
2016 2015
Assets
Cash and investments $2,167 $194,544 $1,036,276 $ - $1,232,987 $367,197
Due from other governmental units - - 392,228 - 392,228 144,803
Prepaids - - 20,000 - 20,000 -
Total assets $2,167 $194,544 $1,448,504 $0 $1,645,215 $512,000
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $1,162 $12,436 $63,902 $77,500 $216,806
Contracts payable - 44,333 303,020 - 347,353 153,565
Interfund payable - - - 94,602 94,602 414,064
Total liabilities 0 45,495 315,456 158,504 519,455 784,435
Fund balance (deficit):
Nonspendable - - 20,000 - 20,000 -
Assigned 2,167 149,049 1,113,048 (158,504) 1,105,760 -
Unassigned - - - - - (272,435)
Total fund balance (deficit) 2,167 149,049 1,133,048 (158,504) 1,125,760 (272,435)
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $2,167 $194,544 $1,448,504 $0 $1,645,215 $512,000
Total Street Improvement
Project Fund
144
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, 2016
With Comparative Totals For The Year Ended December 31, 2015
2014 Street
Improvement
Fund
2015 Street
Improvement
Fund
2016 Street
Improvement
Fund
2017 Street
Improvement
Fund
2016 2015
Revenues:
Intergovernmental $ - ($11,585) $214,020 $ - $202,435 $31,123
Special assessments - - 31,125 - 31,125 261,452
Investment income - 4,025 1,830 - 5,855 9,763
Refunds and reimbursement - - 1,094,828 - 1,094,828 70,007
Total revenues 0 (7,560) 1,341,803 0 1,334,243 372,345
Expenditures:
Debt service:
Issuance costs - - 79,844 - 79,844 58,053
Construction/acquisition costs 285 118,866 2,527,296 158,504 2,804,951 3,130,132
Total expenditures 285 118,866 2,607,140 158,504 2,884,795 3,188,185
Revenues over (under) expenditures (285) (126,426) (1,265,337) (158,504) (1,550,552) (2,815,840)
Other financing sources (uses):
Bonds issued - - 2,879,262 - 2,879,262 2,536,018
Premium on debt issued - - 69,485 - 69,485 78,034
Transfers in - - - - - 100,000
Transfers out - - - - - (191,319)
Total other financing sources (uses)0 0 2,948,747 0 2,948,747 2,522,733
Net change in fund balance (285) (126,426) 1,683,410 (158,504) 1,398,195 (293,107)
Fund balance (deficit) - January 1 2,452 275,475 (550,362) - (272,435) 20,672
Fund balance (deficit) - December 31 $2,167 $149,049 $1,133,048 ($158,504) $1,125,760 ($272,435)
Total Street Improvement
Project Fund
145
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENSES AND CHANGES Exhibit 9
IN FUND NET POSITION
WATER/SEWER/WATER PLANT ENTERPRISE FUND
For The Year Ended December 31, 2016
With Comparative Totals For The Year Ended December 31, 2015
Water Sewer 2016 2015
Operating revenues:
Charges for services $917,927 $1,005,329 $1,923,256 $1,844,850
Connection charges 7,650 7,650 15,300 9,130
Total operating revenues 925,577 1,012,979 1,938,556 1,853,980
Operating expenses:
Personal services 514,680 298,247 812,927 785,143
Supplies 65,393 9,349 74,742 65,062
Contracted services and other 80,339 18,527 98,866 156,947
Treatment charges (MCES) - 576,237 576,237 593,381
Other 127,257 28,389 155,646 168,714
Depreciation 246,037 86,362 332,399 308,359
Total operating expenses 1,033,706 1,017,111 2,050,817 2,077,606
Operating income (loss)($108,129)($4,132) (112,261) (223,626)
Nonoperating revenues (expenses):
Investment income 23,907 82,393
Interest expense (17,688)(19,984)
Fees and cost of issuance (1,292)(742)
Refunds and reimbursements 50 45,655
Army settlement 130,932 -
Gain on sale of assets 1,350 -
Miscellaneous income 8,750 16,391
Total nonoperating revenues (expenses)146,009 123,713
Income (loss) before capital
contributions and transfers 33,748 (99,913)
Capital contributions and transfers:
Capital contributions 819,779 677,200
Transfers out (2,711,836) (185,564)
Total capital contributions and transfers (1,892,057) 491,636
Change in net position (1,858,309) 391,723
Net position - January 1 9,884,913 9,493,190
Net position - December 31 $8,026,604 $9,884,913
Operations
Totals
146
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.
148-157
Revenue Capacity
These tables contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
158-161
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.
162-171
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.
172-173
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.
174-179
Sources: Unless otherwise noted, the information in these tables is derived from the
comprehensive financial reports for the relevant year.
147
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
148
Table 1
2010 2011 2012 2013 2014 2015 2016
$14,098,233 $15,334,754 $15,182,974 $16,217,013 $14,953,582 $10,604,121 $10,024,670
4,372,871 4,263,706 4,741,115 3,347,895 5,717,140 6,147,172 6,282,913
- - - - - 12,411 -
34,320 16,281 21,521 21,528 23,471 19,283 25,634
(1,339,821) (6,358,682) (5,566,910) (5,239,277) (9,513,189) (10,391,885) 1,886,115
$17,165,603 $13,256,059 $14,378,700 $14,347,159 $11,181,004 $6,391,102 $18,219,332
$4,915,905 $4,767,233 $4,523,383 $5,605,845 $6,036,192 $12,143,158 $14,011,168
120,000 - - - - - -
615,994 5,642,649 5,814,241 5,965,067 5,570,360 5,649,685 3,171,781
$5,651,899 $10,409,882 $10,337,624 $11,570,912 $11,606,552 $17,792,843 $17,182,949
$19,014,138 $20,101,987 $19,706,357 $21,822,858 $20,989,774 $22,747,279 $24,035,838
4,492,871 4,263,706 4,741,115 3,347,895 5,717,140 6,147,172 6,282,913
- - - - - 12,411 -
34,320 16,281 21,521 21,528 23,471 19,283 25,634
(723,827) (716,033) 247,331 725,790 (3,942,829) (4,742,200) 5,057,896
$22,817,502 $23,665,941 $24,716,324 $25,918,071 $22,787,556 $24,183,945 $35,402,281
Fiscal Year
149
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2006 2007 2008 2009
Expenses
Governmental activities:
General government $1,115,231 $1,111,240 $1,231,302 $1,160,932
Public safety 2,461,222 2,359,360 2,656,975 2,937,528
Public works 1,400,951 6,266,350 1,436,309 1,839,163
Parks and recreation 806,512 450,549 416,881 424,590
Services to other cities 649,625 911,419 940,807 1,026,842
Housing and redevelopment 2,967,835 173,098 536,068 2,534,700
Interest on long-term debt 1,096,390 1,411,926 1,497,107 1,407,527
Total governmental
activities expenses 10,497,766 12,683,942 8,715,449 11,331,282
Business-type activities:
Liquor 5,429,222 5,740,169 5,969,076 6,156,097
Water 899,686 775,828 794,433 843,723
Water Filtration and Purification - - - -
Sewer 736,967 785,491 860,918 932,979
Stormwater - - - -
Total business-type
activities expenses 7,065,875 7,301,488 7,624,427 7,932,799
Total primary
government expenses $17,563,641 $19,985,430 $16,339,876 $19,264,081
Program revenues
Governmental activities:
Charges for services:
Services to other cities $747,675 $1,039,000 $1,096,200 $1,156,500
Other activities 999,142 876,425 841,448 972,456
Operating grants and contributions 684,819 609,886 522,542 456,357
Capital grants and contributions 974,678 755,930 1,684,417 1,659,382
Total governmental
activities program revenues 3,406,314 3,281,241 4,144,607 4,244,695
Business-type activities:
Charges for services:
Liquor 5,814,838 6,187,185 6,359,731 6,611,975
Water 778,979 841,611 812,371 806,987
Water filtration and purification - - - -
Sewer 776,886 850,260 803,350 776,330
Stormwater - - - -
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
Total primary government
program revenues $10,777,017 $11,160,297 $12,120,059 $12,439,987
Fiscal Year
150
Table 2
Page 1 of 2
2010 2011 (1)2012 2013 (2)2014 2015 2016
$1,310,199 $1,052,821 $1,307,007 $1,029,147 $1,116,100 $1,342,360 $1,319,451
2,898,043 2,971,316 2,971,275 4,488,023 4,644,185 4,757,637 7,053,595
1,841,083 1,834,066 2,671,918 2,565,860 2,711,291 2,741,411 4,134,783
440,858 457,822 377,689 569,254 608,966 592,892 472,436
1,016,479 1,039,009 1,039,504 - - - -
654,145 671,934 649,104 565,303 575,738 596,444 793,834
1,290,844 1,302,681 1,197,073 1,217,646 1,044,635 845,856 794,584
9,451,651 9,329,649 10,213,570 10,435,233 10,700,915 10,876,600 14,568,683
6,360,985 6,537,271 6,618,975 6,479,809 5,879,240 5,728,876 5,676,892
826,352 874,099 901,732 859,112 845,396 869,446 1,083,240
- 132,981 114,337 124,505 239,074 185,964 -
956,635 944,097 1,041,085 1,019,421 1,069,876 1,051,261 1,048,937
- - - - - - 191,655
8,143,972 8,488,448 8,676,129 8,482,847 8,033,586 7,835,547 8,000,724
$17,595,623 $17,818,097 $18,889,699 $18,918,080 $18,734,501 $18,712,147 $22,569,407
$1,157,190 $1,180,334 $1,192,138 $ - $ - $ - $ -
817,062 803,397 1,067,084 2,506,369 2,374,306 2,414,912 2,212,526
475,411 454,841 447,554 585,950 499,538 499,126 10,969,360
992,511 839,137 1,566,565 780,072 1,070,975 1,367,745 1,643,911
3,442,174 3,277,709 4,273,341 3,872,391 3,944,819 4,281,783 14,825,797
6,826,901 6,995,923 7,139,381 6,908,143 6,078,039 5,893,916 5,822,783
785,642 798,240 957,824 933,051 879,007 900,412 925,577
- - - - - 45,655 -
789,872 779,513 877,794 947,632 921,242 953,568 1,012,979
- - - - - - 192,748
- - - - - - 130,932
- - - - - - 1,166,747
8,402,415 8,573,676 8,974,999 8,788,826 7,878,288 7,793,551 9,251,766
$11,844,589 $11,851,385 $13,248,340 $12,661,217 $11,823,107 $12,075,334 $24,077,563
Fiscal Year
151
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2006 2007 2008 2009
Net (expense) revenue:
Governmental activities ($7,091,452) ($9,402,701) ($4,570,842) ($7,086,587)
Business-type activities 304,828 577,568 351,025 262,493
Total primary government
net (expense) revenue (6,786,624) (8,825,133) (4,219,817) (6,824,094)
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
Tax increment collections 851,309 1,477,929 1,753,559 1,952,704
Grants and contributions 94,470 159,741 88,291 20,918
Unrestricted investment earnings 514,440 698,345 403,426 208,761
Other 96,837 77,745 36,365 16,103
Gain on sale of capital assets 8,730 - - 3,981
Transfers 485,000 580,356 (1,514,827) 319,871
Total governmental activities 5,719,289 6,962,552 4,885,179 6,965,046
Business-type activities:
Unrestricted investment earnings 78,638 74,764 18,985 6,833
Other 12,490 18,303 17,089 10,353
Transfers (485,000) (580,356) 1,514,827 (319,871)
Total business-type activities (393,872) (487,289) 1,550,901 (302,685)
Total primary government $5,325,417 $6,475,263 $6,436,080 $6,662,361
Change in net position:
Governmental activities ($1,372,163) ($2,440,149) $314,337 ($121,541)
Business-type activities (89,044) 90,279 1,901,926 (40,192)
Total primary government ($1,461,207) ($2,349,870) $2,216,263 ($161,733)
(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.
Note: The City closed the Water Filtration and Purification Fund during 2016 and transferred the majority of the net position
to governmental activities.
Fiscal Year
152
Table 2
Page 2 of 2
2010 2011 2012 2013 2014 2015 2016
($6,009,477) ($6,051,940) ($5,940,229) ($6,562,842) ($6,756,096) ($6,594,817) $257,114
258,443 85,228 298,870 305,979 (155,298) (41,996) 1,251,042
(5,751,034) (5,966,712) (5,641,359) (6,256,863) (6,911,394) (6,636,813) 1,508,156
$4,750,440 $4,872,840 $5,408,188 $5,703,707 $6,030,558 $5,893,900 $6,160,156
1,807,388 1,746,766 1,335,674 1,405,872 1,131,896 1,121,627 1,455,090
22,827 24,673 10,639 26,384 461,964 516,015 530,110
224,693 6,803 55,206 25,914 189,441 146,023 254,396
61,866 148,500 208,525 389,785 104,113 172,913 1,207,375
- - 46,195 - 33,204 7,653 7,151
478,000 595,200 610,000 (809,238) (17,982) (6,053,216) 1,956,838
7,345,214 7,394,782 7,674,427 6,742,424 7,933,194 1,804,915 11,571,116
(336) 52,659 122,833 51,593 111,512 86,407 31,097
3,454 3,976 17,569 66,478 61,444 88,664 64,805
(478,000) (595,200) (610,000) 809,238 17,982 6,053,216 (1,956,838)
(474,882) (538,565) (469,598) 927,309 190,938 6,228,287 (1,860,936)
$6,870,332 $6,856,217 $7,204,829 $7,669,733 $8,124,132 $8,033,202 $9,710,180
$1,335,737 $1,342,842 $1,734,198 $179,582 $1,177,098 ($4,789,902) $11,828,230
(216,439) (453,337) (170,728) 1,233,288 35,640 6,186,291 (609,894)
$1,119,298 $889,505 $1,563,470 $1,412,870 $1,212,738 $1,396,389 $11,218,336
Fiscal Year
153
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2006 2007 2008 2009
General Fund:
Reserved $44,852 $46,543 $51,205 $53,849
Unreserved 1,237,373 1,391,816 1,389,299 1,471,584
Nonspendable - - - -
Unassigned - - - -
Total general fund $1,282,225 $1,438,359 $1,440,504 $1,525,433
All other governmental funds:
Reserved $5,564,131 $4,116,654 $3,595,470 $6,264,349
Unreserved, reported in:
Special revenue funds 5,335,977 5,650,265 5,576,157 5,329,291
Capital projects funds 1,500,372 695,197 967,355 314,789
Nonspendable - - - -
Restricted - - - -
Committed - - - -
Assigned - - - -
Unassigned - - - -
Total all other
governmental funds $12,400,480 $10,462,116 $10,138,982 $11,908,429
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
154
Table 3
2010 2011 2012 2013 2014 2015 2016
$57,430 $ - $ - $ - $ - $ - $ -
1,567,270 - - - - - -
- 55,271 68,481 74,049 91,136 107,412 115,482
- 1,647,566 1,906,856 2,074,490 2,384,345 2,338,600 2,204,185
$1,624,700 $1,702,837 $1,975,337 $2,148,539 $2,475,481 $2,446,012 $2,319,667
$4,625,111 $ - $ - $ - $ - $ - $ -
5,212,683 - - - - - -
243,408 - - - - - -
- 132 129 49 1,631 2,157 57,188
- 6,868,120 8,594,337 2,002,737 7,627,714 6,491,789 6,907,253
- 210,953 222,184 33,015 78,180 94,107 105,503
- 763,667 1,344,529 1,253,470 1,318,583 578,258 13,148,229
- (1,240,578) (1,473,482) (175,561) (2,407,745) (2,062,163) (1,693,729)
$10,081,202 $6,602,294 $8,687,697 $3,113,710 $6,618,363 $5,104,148 $18,524,444
Fiscal Year
155
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2006 2007 2008 2009 2010
Revenues:
General property taxes $3,649,764 $3,957,749 $4,097,493 $4,407,221 $4,787,076
Tax increment collections 851,309 1,469,532 1,682,549 1,903,840 1,911,678
Licenses, fees and permits 244,170 213,842 247,878 358,381 224,096
Intergovernmental 954,911 706,080 2,039,592 1,430,366 1,239,053
Special assessments 589,812 441,327 385,197 506,262 398,895
Charges for services 1,113,298 1,403,419 1,451,925 1,519,427 1,528,210
Cable franchise fees 70,737 85,162 92,606 92,309 92,786
Fines and forfeits 135,960 164,788 139,421 122,870 128,165
Investment income 507,615 689,428 400,038 184,053 224,598
Contributions and donations 6,300 37,100 3,950 3,450 2,834
Miscellaneous 511,851 404,611 186,449 53,354 708,181
Total revenues 8,635,727 9,573,038 10,727,098 10,581,533 11,245,572
Expenditures:
Current:
General government 952,291 945,295 1,076,699 1,017,405 1,170,630
Public safety 2,255,783 2,165,891 2,446,434 2,654,708 2,615,752
Public works 759,254 809,751 679,269 761,530 726,064
Parks and recreation 783,791 428,341 394,673 401,787 388,808
Services to other cities 649,625 911,419 940,807 1,026,842 1,016,479
Nondepartmental 1,501 48,735 23,387 6,798 6,940
Housing and redevelopment 439,422 173,098 212,583 191,608 183,513
Capital outlay:
General government 6,389 125 - - -
Public safety 229,174 12,993 - - 67,850
Public works 21,056 316,264 318,668 271,459 212,029
Parks and recreation 19,712 - - - -
Debt service:
Principal retirement 4,765,000 2,195,000 2,305,000 1,970,000 4,255,000
Interest 1,022,069 1,313,578 1,450,248 1,369,280 1,392,608
Paying agent fees 9,373 11,501 10,601 9,519 8,763
Professional service 9,140 1,901 5,080 5,077 3,117
Issuance costs - 208,545 - 49,420 -
Construction/acquisition costs 2,108,395 5,366,376 3,419,607 4,789,180 2,420,767
Developer incentives 2,769,938 3,592,385 323,485 443,092 470,632
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
Revenues over (under) expenditures (8,202,766) (8,928,160) (2,879,443) (4,386,172) (3,693,380)
Other financing sources (uses):
Bonds issued 8,165,000 6,690,000 1,910,000 3,965,000 1,375,000
Refunding bonds issued - - - 2,855,000 -
Redemption of refunded bonds - - - (1,210,000) -
Payment to refunded bond escrow agent - - - - -
Premium on debt issued 30,669 - 8,749 140,492 402
Discount on debt issued (3,069) (213) - - -
Sale of capital assets 18,855 8,744 14,705 12,056 15,347
Transfers in 1,775,848 4,275,129 1,832,828 1,307,574 3,634,584
Transfers out (1,290,848) (3,827,825) (1,207,828) (829,574) (3,156,584)
Total other financing
sources(uses) 8,696,455 7,145,835 2,558,454 6,240,548 1,868,749
Net change in fund balance $493,689 ($1,782,325) ($320,989) $1,854,376 ($1,824,631)
Debt service as a percentage of
noncapital expenditures 40.0% 27.4% 38.1% 33.7% 46.1%
Debt service as percentage of total expenditures
34.4% 19.0% 27.6% 22.3% 37.8%
(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
156
Table 4
2011 (1)2012 2013 (2)2014 2015 2016
$4,877,268 $5,416,328 $5,657,416 $6,053,119 $5,897,070 $6,161,036
1,708,873 1,364,881 1,398,000 1,117,824 1,106,582 1,476,275
195,563 290,985 342,390 351,102 296,465 304,079
861,744 1,530,983 792,477 1,464,479 1,644,481 2,283,016
517,678 427,467 587,191 491,988 621,931 570,549
1,573,975 1,736,274 1,932,268 1,787,611 1,879,520 1,701,246
96,608 101,403 104,089 109,009 108,104 113,672
117,835 130,560 129,363 126,584 130,823 93,529
6,792 55,201 24,197 189,216 145,447 252,830
610 2,778 16,134 45,640 15,903 4,120
148,500 194,052 375,719 104,113 172,913 11,637,694
10,105,446 11,250,912 11,359,244 11,840,685 12,019,239 24,598,046
883,478 1,059,361 836,190 926,501 948,089 1,066,236
2,700,328 2,671,890 4,174,754 4,357,563 4,352,048 5,164,270
684,761 818,851 1,042,876 1,001,378 1,043,791 2,380,556
366,153 344,702 420,826 463,057 446,684 409,979
1,039,009 1,039,504 - - - -
22,283 160,513 56,117 59,265 40,139 38,421
227,921 240,097 150,070 143,863 119,294 156,312
12,661 46,588 8,157 38,826 168,176 8,201
152,405 130,000 5,792 283,189 150,645 256,053
112,158 170,056 270,443 53,143 67,831 134,590
- - - 49,464 - -
3,120,000 4,255,000 4,245,000 7,785,000 3,750,000 2,620,000
1,271,549 1,299,266 1,308,344 1,139,216 1,020,262 820,607
11,582 18,811 16,387 7,853 10,386 14,793
30,109 3,480 6,682 17,104 16,971 8,901
67,278 132,217 66,035 185,800 142,682 80,294
1,953,923 2,253,448 1,618,986 2,959,264 3,750,269 3,546,499
444,013 409,007 415,233 431,875 475,886 627,639
- - - - - -
13,099,611 15,052,791 14,641,892 19,902,361 16,503,153 17,333,351
(2,994,165)(3,801,879)(3,282,648)(8,061,676)(4,483,914)7,264,695
1,940,000 2,195,000 1,775,000 2,070,000 2,580,000 2,900,000
3,225,000 7,300,000 - 4,970,000 4,310,000 -
(1,030,000) - - - - -
- (4,015,373) - - (4,332,935) -
105,598 190,221 42,080 158,044 188,693 69,485
- - - - - -
9,982 10,962 25,244 13,390 25,860 15,186
1,603,430 1,626,372 2,021,913 1,908,166 2,069,259 4,003,953
(1,008,230)(1,016,372)(1,482,913)(1,514,667)(1,900,647)(959,368)
4,845,780 6,290,810 2,381,324 7,604,933 2,940,230 6,029,256
$1,851,615 $2,488,931 ($901,324)($456,743)($1,543,684)$13,293,951
40.4%44.6%43.6%54.2%36.5%25.7%
33.5%36.9%37.9%44.8%28.9%19.8%
Fiscal Year
157
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
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 46.90% 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%
2016 7,352,669 2,105,556 94,478 9,552,703 (695,828) 8,856,875 67.64% 860,925,700 1.11%
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* Includes tax increment tax capacity and net fiscal disparities impact.
158
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
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%
2016 67.64%33.13%11.63%45.36%157.76%
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*
159
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 $662,312 1 6.93% $852,478 1 9.31%
St. Anthony Leased Housing Assoc. 383,167 2 4.01% 396,250 2 4.33%
Autumn Woods Partners LP/215,713 3 2.26% 205,800 3 2.25%
Autumn Woods II LLC
Equinox Properties LLC 189,060 4 1.98% 205,485 4 2.24%
St. Anthony Shopping Center 128,730 5 1.35% 98,252 7 1.07%
Autumn Woods III LLC 98,988 6 1.04% - - 0.00%
Chandler Place LP 93,750 7 0.98% 82,329 10 0.90%
Carvelle Apartments (Mortenson)82,706 8 0.87% 82,808 9 0.90%
St. Anthony Nursing Home LP 78,289 9 0.82% - - 0.00%
Xcel Energy 64,068 10 0.67% 84,058 8 0.92%
Northern Gopher Enterprises, Inc. - - 0.00% 107,360 6 1.17%
Silver Lake Homes I LLC - - 0.00% 125,960 5 1.38%
Total $1,996,783 20.91% $2,240,780 24.47%
Total All Property $9,552,703 $9,160,060
20072016
160
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
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%56,690 4,622,852 99.59%
2011 4,761,665 (1)4,710,258 98.92%40,250 4,750,508 99.77%
2012 5,223,089 5,157,341 98.74%34,832 5,192,173 99.41%
2013 5,426,789 5,345,759 98.51%35,263 5,381,022 99.16%
2014 5,633,007 5,564,141 98.78%(5,805) 5,558,336 98.67%
2015 5,831,737 5,726,236 98.19%14,242 5,740,479 98.44%
2016 6,050,812 5,974,249 98.73%
(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
161
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
Fiscal Improvement and Reconstruction Increment Revenue Revenue G.O. Fannie Governmental
Year Refunding Bonds Bonds Bonds Bonds Bonds Bonds Mae Loan Activities
2007 $12,675,000 $ - $10,605,000 $4,955,000 $1,055,000 $1,055,000 $2,500,000 $32,845,000
2008 11,105,000 1,910,000 10,375,000 4,755,000 945,000 860,000 2,500,000 32,450,000
2009 14,310,000 1,910,000 10,055,000 4,550,000 825,000 2,390,000 2,050,000 36,090,000
2010 13,450,000 1,810,000 9,710,000 4,335,000 695,000 1,960,000 1,250,000 33,210,000
2011 16,645,000 1,710,000 9,345,000 4,110,000 565,000 1,850,000 - 34,225,000
2012 18,935,000 1,605,000 8,960,000 3,995,000 430,000 1,665,000 - 35,590,000
2013 17,605,000 1,500,000 8,545,000 3,700,000 295,000 1,475,000 - 33,120,000
2014 16,910,000 2,695,000 7,920,000 3,415,000 150,000 1,285,000 - 32,375,000
2015 18,010,000 1,305,000 7,865,000 3,125,000 - 1,090,000 - 31,395,000
2016 19,280,000 1,170,000 7,450,000 2,825,000 - 950,000 - 31,675,000
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
162
Table 9
Water/
Sewer
Percentage Water/ Liquor Total Bonds Total Percentage
of Adjusted Sewer Revenue Business-Type Per Primary of Personal Per
Tax Capacity Bonds Bonds Activities Customer Government Income Capita*
384.42% $1,975,000 $350,000 $2,325,000 $859 $35,170,000 Not Available 3,864
359.39% 1,895,000 270,000 2,165,000 824 34,615,000 3,846
414.86% 1,815,000 185,000 2,000,000 789 38,090,000 12.20% 4,239
400.33% 1,730,000 95,000 1,825,000 752 35,035,000 11.75% 4,037
451.61% 1,640,000 - 1,640,000 713 35,865,000 11.03% 4,107
460.60% 1,545,000 - 1,545,000 672 37,135,000 11.07% 4,228
454.86% 1,440,000 - 1,440,000 626 34,560,000 10.14% 3,889
442.09% 1,330,000 - 1,330,000 578 33,705,000 10.05% 3,760
428.71% 1,215,000 - 1,215,000 528 32,610,000 9.41% 3,515
432.53% 1,100,000 - 1,100,000 478 32,775,000 Not Available
Business-Type Activities
163
- This page intentionally left blank -
164
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Table 10
As of December 31, 2016
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282 $19,640,000 53.8576% $10,577,631
Counties:
Hennepin 720,595,000 0.3878% 2,794,219
Ramsey 182,245,000 0.3023% 550,873
Other:
Metropolitan Council 153,680,000 0.1788% 274,742
Three Rivers Park District 59,300,000 0.5414% 321,023
Subtotal - overlapping debt 14,518,488
City direct debt (2)31,675,000
Total direct and overlapping debt $46,193,488
Sources: (1) Official Statements for City of St. Anthony
(2) St. Anthony Finance Department
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term
debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not
imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
*For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed
property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable
assessed value that is within the City's boundaries and dividing it by each unit's total taxable assessed value.
165
CITY OF ST. ANTHONY, MINNESOTA
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
Market value
Debt limit (3% of market value)
Debt applicable to limit:
General obligation bonds
Less: Amount set aside for repayment
of general obligation debt
Total net debt applicable to limit
Legal debt margin
2007*2008 2009
Debt limit 17,870,856$ 26,094,699$ 24,778,098$
Total net debt applicable to limit 4,099,637 5,741,849 5,410,204
Legal debt margin 13,771,219$ 20,352,850$ 19,367,894$
Total net debt applicable to the limit as a
percentage of debt limit 22.94%22.00%21.83%
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 2016
166
Table 11
$821,707,237
24,651,217
3,995,000
(818,202)
3,176,798
$21,474,419
2010 2011 2012 2013 2014 2015 2016
23,262,423$ 22,184,277$ 21,518,115$ 20,237,210$ 20,226,682$ 21,500,127$ 24,651,217$
5,059,006 4,708,301 4,902,237 4,450,131 4,031,063 3,615,981 3,176,798
18,203,417$ 17,475,976$ 16,615,878$ 15,787,079$ 16,195,619$ 17,884,147$ 21,474,419$
21.75% 21.22% 22.78% 21.99% 19.93% 16.82% 12.89%
Legal Debt Margin Calculation for Fiscal Year 2016
167
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
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%
2016 - - - - - -
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
168
Table 12
Page 1 of 2
Utility Less Net
Service Operating Available
Charges Expenses Revenue Principal Interest Coverage
$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%
1,938,556 1,718,418 220,138 115,000 23,150 159%
Water and Sewer Revenue Bonds
Debt Service
169
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
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 1,098,109 275,364 - - N/A
2015 1,321,028 1,071,756 249,272 - - N/A
2016 1,354,717 1,082,308 272,409 - - 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.
Liquor Revenue Bonds
Debt Service
170
Table 12
Page 2 of 2
Special Tax
Assessment Increment
Collections Principal Interest Coverage Collections Principal Interest Coverage
$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% 1,106,582 4,365,000 336,268 24%
570,549 2,070,000 540,465 22% 1,476,275 415,000 156,058 259%
Debt Service
Tax Increment BondsImprovement Bonds
Debt Service
171
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)
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 9,277 333,684,413 35,969 3.30%
2016 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
172
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) 396 1 255 2
St. Anthony Health Center/Chandler Place 270 2 267 1
Cub Foods 250 3 185 4
City of St. Anthony 132 4 131 5
I Care Cab 120 5 - -
B&F Fastener Supply 100 6 - -
St. Charles Borromeo Parish 92 7 65 7
North Memoral - Silver Lake Clinic 81 8 - -
Marshall Manufacturing 60 9 - -
Happy's Potato Chip Company 50 10 55 8
Wal-Mart - - 245 3
Francis A. Gross Golf Course - - 50 9
Industrial Custom Products - - 100 6
Applebee's - - 40 10
Total 1,551 1,393
20072016
173
CITY OF ST. ANTHONY, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2007 2008 2009 2010
General government:
Administration 3.00 3.00 3.00 3.00
Finance 4.50 4.75 4.75 4.75
Police:
Officers 22.00 23.00 23.00 23.00
Support staff 2.00 2.50 2.50 2.50
Community service officer 1.00 1.00 1.00 1.00
Volunteers (non-paid)12.00 12.00 12.00 12.00
Fire:
Firefighters 7.00 7.00 7.00 7.00
Volunteers (paid on call)3.00 3.00 3.00 3.00
Public works:
Administration 2.00 2.00 2.00 2.00
Street 6.00 6.00 6.00 6.00
Park 3.00 3.00 3.00 3.00
Water/Sewer 2.00 2.00 2.00 2.00
Mechanic 1.00 1.00 1.00 1.00
Seasonal*2.25 2.00 2.00 2.00
Liquor operations:
Off-sale:
Full-time 5.00 5.00 5.00 5.00
Market Place - part-time 5.25 5.25 5.25 6.00
Silver Lake Village - part-time 5.25 5.25 5.25 6.00
Total 86.25 87.75 87.75 89.25
Source: City of St. Anthony
Full-Time Equivalent Employees as of December 31,
174
Table 15
2011 2012 2013 2014 2015 2016
3.00 2.00 2.00 2.00 2.00 2.50
4.50 4.25 4.25 4.25 4.50 4.00
23.00 23.00 23.00 23.00 23.00 23.00
2.50 2.50 2.50 2.50 2.50 2.50
1.00 1.00 1.00 1.00 1.00 1.00
12.00 12.00 12.00 12.00 12.00 12.00
7.00 7.00 7.00 7.00 7.00 7.00
3.00 3.00 3.00 3.00 3.00 3.00
2.00 2.00 2.00 2.00 2.00 2.00
5.00 6.00 6.00 6.00 6.00 6.00
3.00 3.00 3.00 3.00 3.00 3.00
2.00 2.00 2.00 2.00 2.00 2.00
1.00 1.00 1.00 1.00 1.00 1.00
2.00 2.00 2.00 2.00 2.00 2.00
5.00 5.00 5.00 5.00 5.00 5.00
6.00 6.00 6.00 6.00 4.50 4.50
6.00 6.00 6.00 6.00 4.50 4.00
88.00 87.75 87.75 87.75 85.00 84.50
Full-Time Equivalent Employees as of December 31,
175
CITY OF ST. ANTHONY, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2007 2008 2009 2010
Police: *
Moving violation 2,357 2,137 2,008 2,305
Non-moving violations 627 494 351 397
DWI 26 61 59 49
Traffic arrests 831 815 770 600
Gross and misdemeanor arrests 158 203 193 129
Felony arrests 45 44 32 29
Warrant arrests 29 32 32 28
Fire:
Emergency responses 976 1,055 996 1,203
Medical responses 696 768 718 895
Fires 40 39 32 34
Inspections 78 81 92 97
Building inspection:
Permits issued 255 262 283 315
Other public works:
Street reconstruction/resurfacing (miles)2 2 1 1
Potholes filled (tons)35 20 80 22
Water:
New connections 16 10 - 7
Water mains breaks 32 8 9 11
Average daily consumption (thousands of gallons)990 902 885 806
Peak daily consumption (thousands of gallons)2,500 2,157 2,295 1,396
* Police statistics are for St Anthony only
Source: City of St. Anthony
Fiscal Year
176
Table 16
2011 2012 2013 2014 2015 2016
1,848 1,851 2,068 2,017 2,213 1,488
210 200 396 321 197 192
44 39 34 39 23 15
673 578 679 633 661 469
145 164 244 130 77 50
46 37 67 53 44 51
28 20 23 25 24 13
1,221 1,267 1,409 1,363 1,425 1,534
894 933 1,016 1,012 1,062 1,113
35 40 26 26 26 14
121 116 88 256 238 173
336 272 303 288 533 342
211121
100 84 39 34 66 23
1 39 122 28 7 1
10107882
821 884 822 763 770 715
1,586 1,879 1,724 1,635 1,571 1,153
Fiscal Year
177
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2007 2008 2009 2010
Police:
Stations 1 1 1 1
Fleet units 12 12 12 13
Fire stations:1 1 1 1
Fleet units 7 7 8 8
Other public works:
City streets (miles)24.7 24.7 24.7 24.7
Sidewalks (miles)9.6 9.6 10.2 11.1
Parks and recreation:
Acreage 40 40 40 40
Playgrounds 4 4 4 4
Baseball/softball diamonds 7 7 7 7
Soccer/football fields 2 2 2 2
Community centers 1 1 1 1
Skate park 1 1 1 1
Splash pads 1 1 2 2
Tennis courts 2 2 2 2
Seasonal ice rinks 3 3 3 3
Liquor operations:
On/off sale locations 2 2 2 2
Water:
Water mains (miles)24.7 24.7 24.7 24.7
Fire hydrants 287 287 287 287
Storage capacity (thousands of gallons)2,250 2,250 2,250 2,250
Wells 3 3 3 3
Wastewater:
Sanitary sewers (miles)24.7 24.7 24.7 24.7
Lift stations 2 2 2 2
Stormwater:
Stormwater reuse 0 0 1 1
Stormwater treatment systems 0 0 0 0
Stormwater retention ponds 5 5 5 5
Storm sewers (miles)15.0 15.0 15.0 15.0
Source: City of St. Anthony
Fiscal Year
178
Table 17
2011 2012 2013 2014 2015 2016
111111
13 14 14 14 14 14
111111
888888
24.7 24.7 24.7 24.7 24.7 24.7
11.1 11.1 11.1 11.1 11.1 11.6
40 40 40 40 40 40
444444
777777
222222
111111
111111
222222
222222
333333
222222
24.7 24.7 24.7 24.7 24.7 24.7
287 287 287 287 287 288
2,250 2,250 2,250 2,250 2,250 2,250
333333
24.7 24.7 24.7 24.7 24.7 24.7
222222
111111
001122
555666
15.0 15.0 15.0 15.0 15.0 15.0
Fiscal Year
179
- This page intentionally left blank -
180