HomeMy WebLinkAbout2019 CAFR
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2019
Prepared By:
Finance Department
Shelly Rueckert,
Finance Director
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CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Letter of Transmittal 3
Organization 9
Organizational Chart 10
Independent Auditor's Report 13
Management's Discussion and Analysis 17
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position Statement 1 29
Statement of Activities Statement 2 30
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 32
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds Statement 4 34
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds Statement 5 36
Statement of Net Position - Proprietary Funds Statement 6 37
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 7 38
Statement of Cash Flows - Proprietary Funds Statement 8 39
Notes to Financial Statements 41
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund Statement 9 90
Schedule of Changes in the City's Total OPEB Liability and Related Ratios Statement 10 95
Schedule of Proportionate Share of Net Pension Liability - General Employees
Retirement Fund Statement 11 96
Schedule of Pension Contributions - General Employees Retirement Fund Statement 12 97
Schedule of Proportionate Share of Net Pension Liability - Public Employees Police
and Fire Fund Statement 13 98
Schedule of Pension Contributions - Public Employees Police and Fire Fund Statement 14 99
Schedule of Changes in the Net Pension Liability and Related Ratios -
St. Anthony Fire Department Relief Association Statement 15 100
Schedule of Contributions - St. Anthony Fire Department Relief Association Statement 16 101
Notes to RSI 103
I. INTRODUCTORY SECTION
II. FINANCIAL SECTION
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Combining and Individual Nonmajor Fund Financial Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds Statement 17 110
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Nonmajor Governmental Funds Statement 18 111
Subcombining Balance Sheet - Nonmajor Special Revenue Funds Statement 19 116
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Special Revenue Funds Statement 20 118
Subcombining Balance Sheet - Nonmajor Debt Service Funds Statement 21 122
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Debt Service Funds Statement 22 123
Subcombining Balance Sheet - Nonmajor Capital Project Funds Statement 23 126
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds Statement 24 127
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Community Center Fund Statement 25 128
Police Forfeiture Fund Statement 26 129
Recycling Fund Statement 27 130
HRA Fund Statement 28 131
Fire Education/Training Fund Statement 29 132
Supplementary Financial Information:
Street Improvement Debt Service Fund:
Balance Sheet Exhibit 1 134
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 2 136
HRA TIF Debt Service Fund:
Balance Sheet Exhibit 3 138
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 4 139
HRA TIF Improvements Fund:
Balance Sheet Exhibit 5 140
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 6 141
Street Improvement Project Fund:
Balance Sheet Exhibit 7 142
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 8 143
Water/Sewer/Water Plant Enterprise Fund:
Schedule of Revenues, Expenses and Changes in Fund Net Position Exhibit 9 144
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Financial Trends:
Net Position by Component Table 1 146
Changes in Net Position Table 2 148
Fund Balances - Governmental Funds Table 3 152
Changes in Fund Balances - Governmental Funds Table 4 154
Revenue Capacity:
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 156
Direct and Overlapping Property Tax Rates Table 6 157
Principal Property Taxpayers Table 7 158
Property Tax Levies and Collections Table 8 159
Debt Capacity:
Ratios of Outstanding Debt by Type Table 9 160
Direct and Overlapping Governmental Activities Debt Table 10 163
Legal Debt Margin Information Table 11 164
Pledged Revenue Coverage Table 12 166
Demographic and Economic:
Demographic and Economic Statistics Table 13 172
Principal Employers Table 14 171
Operating Information:
Full-Time Equivalent City Government Employees by Function/Program Table 15 172
Operating Indicators by Function/Program Table 16 174
Capital Asset Statistics by Function/Program Table 17 176
III. STATISTICAL SECTION (Unaudited)
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I. INTRODUCTORY SECTION
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Our mission is to be a progressive and welcoming
Village that is walkable, sustainable and safe
3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com
June 16, 2020
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, 2019.
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, 2019. 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 9,234.
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Our mission is to be a progressive and welcoming
Village that is walkable, sustainable and safe
3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com
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.
The City is served by Independent School District (ISD) #282 (St. Anthony), which has a
2019/2020 enrollment of approximately 1,700, 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, prevention and medical responses; 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 environmental sustainability programs.
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
4
Our mission is to be a progressive and welcoming
Village that is walkable, sustainable and safe
3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com
budget to the City Council for their review prior to the certification of the proposed levy to the
County Auditors by September 30th. The City Council is required to hold public hearings on
the proposed budget and to adopt a final budget by December 31, the close of the City of St.
Anthony’s fiscal year.
The appropriated budget is prepared for the General Fund by function (e.g., public safety), and
department (e.g., police), and object code (e.g., salaries). Transfers of appropriations between
departments require the approval of the City Council. Budget‐to‐actual comparisons are
provided on Statement 10 as required supplementary information to the basic financial
statements for the governmental funds.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of
St. Anthony operates.
Local economy: The Minneapolis‐St. Paul metropolitan area has continued to experience a
relatively stable economy. The market place for local products and services remains strong. St.
Anthony is a fully developed City. However, continued long‐term growth is anticipated as St.
Anthony experiences redevelopment activity in commercial and industrial areas, along with the
construction of additional multi‐family residential units.
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.
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Our mission is to be a progressive and welcoming
Village that is walkable, sustainable and safe
3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com
Cash management policies and practices: The City’s initial investment objective is to preserve
capital. Secondary considerations are liquidity and lastly yield. Accordingly, deposits are
either insured by federal depository insurance or collateralized. Temporary cash surpluses
during the year are invested in various securities defined by Minnesota Statutes. The City’s
policy is to invest 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.
SHARED SERVICES
Grants: Each year, the City actively participates in Federal, State and County administered
grants. In 2019 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. State of Minnesota – Vest Grant.
B. Ramsey County – Safe and Sober Grant.
C. Minnesota Board of Firefighter Training & Education Grant.
D. Hennepin County Recycling Grant.
E. Ramsey County Recycling Grant.
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Our mission is to be a progressive and welcoming
Village that is walkable, sustainable and safe
3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com
F. State of Minnesota General Obligation Bond Grant for the Silver Lake
Road flood risk reduction project
G. State Board of Soil and Water Resources Grant for the Silver Lake Road
flood risk reduction project
H. Rice Creek Watershed District Grant for the Silver Lake Road flood risk
reduction project
I. Metropolitan Council Inflow and Infiltration Grant
Partnerships and Colleagues: 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. The City also has formed partnerships with
colleagues in other jurisdictions. These relationships include providing financial and human
resource services to the Middle Mississippi Water Management Organization, a fuel purchasing
arrangement with the City of New Brighton, utility billing services to the City of Birchwood
Village and police services to the City of Lauderdale. Lastly the City partners with County
infrastructure projects when opportunity arises. A recent example would be the matching the
Silver Lake Road flood mitigation project with the Ramsey County’s plan to mill and over lay
Silver Lake Road.
Acknowledgements:
Finally, we would like to express our gratitude to the Mayor and the City Council. Their
unfailing support for maintaining the highest standard of professionalism in the management
of the City of St. Anthony’s finances results in a fiscally sustainable City government.
Respectfully submitted,
_________________________________ _________________________________
Mark Casey Shelly Rueckert
City Manager Finance Director
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CITY OF ST. ANTHONY, MINNESOTA
ORGANIZATION
Term Expires
Mayor:
Randy Stille December 31, 2023
Council Members:
Jan Jenson December 31, 2021
Thomas Randle December 31, 2023
Bernard Walker December 31, 2023
Wendy Webster December 31, 2021
City Manager:
Mark Casey Appointed
Finance Director:
Shelly Rueckert Appointed
December 31, 2019
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Engineer - WSB & Associates Full-Time Positions = 58
Financial - Ehlers & Associates Part-Time Positions (average) = 49
Legal - Dorsey & Whitney Public Works Seasonal=10
Planner - Northwest Associated Constultants, Inc. Police Reserves (Unpaid) = 12
Building Inspections - City of New Brighton
Consultants
Parks & Environmental
Commission
City Manager
5 Full time Employees
25 Part time Employees
FINANCE
2020
ADMINISTRATION
7 Full time Employees
24 Part time Employees
MAYOR AND COUNCIL MEMBERS
Planning Commission
Administrative Services Coordinator
POLICE
St. Anthony Organizational Chart
LIQUOR OPERATIONS
Assistant to the City Manager
1 Shared Employee
23 Full time Employees5 Full time Employees
12 Reserve Officers
Communications Coordinator
1 Shared Employee
PUBLIC WORKS
14 Full time Employees
FIRE
10 Seasonal Employees10
II. FINANCIAL SECTION
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55 E 5th Street Suite 1400, St. Paul, MN, 55101 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, 2019, 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.
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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, 2019, 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 2018 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 May 30, 2019. In our opinion, the summarized
comparative information presented herein as of and for the year ended December 31, 2018 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 schedule, and the schedules of
OPEB and pension information, as listed in the table of contents, 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.
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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 16, 2020, 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 solely to
describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the City of St.
Anthony, Minnesota’s 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 16, 2020
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MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of St. Anthony, Minnesota (the City), we offer readers of the City’s
financial statements this narrative overview and analysis of the financial activities of the City for
the fiscal year ended December 31, 2019. 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 and deferred outflows of resources of the City exceeded its liabilities and deferred
inflows of resources at the close of the most recent fiscal year by $40,175,875 (net position).
The City’s total net position increased by $1,538,688 from the prior year’s stated net
position.
As of the close of the current fiscal year, the City’s governmental funds reported combined
ending fund balances of $14,482,106, an increase of $320,506 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
$2,489,685 or 35% of total General Fund Budget expenditures.
The City’s total bonded debt decreased by $2,560,000 (8%) during the current fiscal year.
The key factors in this decrease were: 1) principal retirement of $5,040,000 and 2) the
issuance of $2,480,000 of 2019A General Obligation Bonds.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The City’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’s finances, in a manner similar to
a private-sector business.
The statement of net position presents information on all of the City’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 is improving
or deteriorating.
The statement of activities presents information showing how the City’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City 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
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fees and charges (business-type activities). The governmental activities of the City include
general government, public safety, public works, parks and recreation, services to other cities
and HRA activities. The business-type activities of the City 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 itself (known
as the primary government), but also a legally separate Housing and Redevelopment Authority
(HRA) for which the City of St. Anthony is financially accountable. The HRA functions for all
practical purposes as a department of the City of St. Anthony, 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,
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 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 maintains 19 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 13
governmental funds are combined into a single, aggregated presentation. Individual fund data
for each of these non-major governmental funds is provided in the form of combining and sub-
combining statements and schedules elsewhere in this report.
The City 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.
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Proprietary funds. The City 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 uses enterprise funds to account for its water
and sewer, storm water, and municipal liquor operations. Internal service funds are an
accounting device used to accumulate and allocate costs internally among the City various
functions. The City uses an internal service fund to account for its compensated absences, OPEB
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, storm water, and municipal liquor operations, which are
considered to be major funds of the City.
The basic proprietary fund financial statements can be found on Statements 6 through 8 of this
report.
Notes to the financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
The notes to the financial statements can be found following Statement 8 of this report.
The combining statements referred to earlier in connection with non-major governmental funds
are presented immediately following the required supplementary information on budgetary
comparisons, OPEB and pension information. Combining and individual fund statements and
schedules can be found on Statements 17 through 24 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. Assets and deferred outflows of resources exceeded liabilities and deferred inflows of
resources by $40,175,875 at the close of the most recent fiscal year.
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City of St. Anthony, Minnesota’s Net Position
Governmental Activities Business-Type Activities Totals
2019 2018 2019 2018 2019 2018
Current and other assets $18,034,604 $17,813,896 $4,207,251 $4,039,968 $22,241,855 $21,853,864
Capital assets 33,162,734 35,371,998 25,259,110 24,047,540 58,421,844 59,419,538
Total assets $51,197,338 $53,185,894 $29,466,361 $28,087,508 $80,663,699 $81,273,402
Total deferred outflows of resources $2,806,776 $4,154,761 $0 $0 $2,806,776 $4,154,761
Long term liabilities outstanding $35,346,194 $37,640,959 $929,986 $1,056,990 $36,276,180 $38,697,949
Other liabilities 1,650,866 1,467,885 440,794 367,637 2,091,660 1,835,522
Total liabilities $36,997,060 $39,108,844 $1,370,780 $1,424,627 $38,367,840 $40,533,471
Total deferred inflows of resources $4,926,760 $6,257,505 $0 $0 $4,926,760 $6,257,505
Net position:
Invested in capital assets net of related debt $9,746,635 $10,422,047 $24,525,702 $23,179,624 $34,272,337 $33,601,671
Restricted 6,556,757 7,328,810 - - 6,5 56,757 7,328,810
Unrestricted (4,223,098) (5,776,551) 3,569,879 3,483,257 (653,219) (2,293,294)
Total net position $12,080,294 $11,974,306 $28,095,581 $26,662,881 $40,175,875 $38,637,187
The City’s net position increased by $1,538,688 in 2019. The increase was primarily due to
constructing and capitalizing assets during the current year which will be depreciated in future
years.
City of St. Anthony, Minnesota’s Changes in Net Position
Governmental Activities Business-Type Activities Totals
2019 2018 2019 2018 2019 2018
Revenues:
Program revenue:
Charges for services $1,847,264 $1,602,792 $8,577,859 $8,242,070 $10,425,123 $9,844,862
Operating grants and contributions 494,389 560,924 - - 494,389 560,924
Capital grants and contributions 633,142 817,077 - 126,991 633,142 944,068
General revenue:
Property taxes 7,477,523 7,128,703 - - 7,477,523 7,128,703
Tax increment taxes 2,060,375 1,870,589 - - 2,060,375 1,870,589
Grants and contributions
not restricted to specific programs 561,062 559,437 - - 561,062 559,437
Other 508,302 560,822 113,180 45,336 621,482 606,158
Total revenues 13,582,057 13,100,344 8,691,039 8,414,397 22,273,096 21,514,741
Expenses:
General government 1,587,360 1,234,274 - - 1,587,360 1,234,274
Public safety 4,789,232 4,886,105 - - 4,789,232 4,886,105
Public works 2,960,916 3,005,637 - - 2,9 60,916 3,005,637
Parks and recreation 536,095 488,132 - - 536,095 488,132
Housing and redevelopment 975,246 1,189,659 - - 975,246 1,189,659
Interest on long-term debt 803,042 795,625 - - 803,042 795,625
Liquor - - 5,903,275 5,617,377 5,903,275 5,617,377
Water - - 1,617,354 1,573,857 1,617,354 1 ,573,857
Sewer - - 1,253,102 1,243,591 1,253,102 1 ,243,591
Stormwater - - 308,786 249,911 308,786 249,911
Total expenses 11,651,891 11,599,432 9,082,517 8,684,736 20,734,408 20,284,168
Excess before transfers 1,930,166 1,500,912 (391,478) (270,339) 1,538,688 1,230,573
Transfers (1,824,178) (1,251,989) 1,824,178 1,251,989 - -
Increase (decrease) in net position 105,988 248,923 1,432,700 981,650 1,538,688 1,230,573
Net position - January 1 11,974,306 11,725,383 26,662,881 25,681,231 38,637,187 37,406,614
Net position - December 31 $12,080,294 $11,974,306 $28,095,581 $26,662,881 $40,175,875 $38,637,187
20
Governmental Activities. Governmental activities increased the City’s net position by
$105,988 compared to prior year increase of $248,923. The key elements of this change are that
current year's governmental net activities costs increased by $58,457 and the current year's
general revenues and transfers decreased $84,478, which yields a decreased change in net
position of $142,935.
Additionally, increases in Governmental Activities expenses, for the most part, closely paralleled
the combining factors of inflation and growth in the demand for services.
21
Business-type Activities. Business-type activities increased net position by $1,432,700. Capital
assets in the amount of $2,159,178 were transferred in from governmental activities. This was
offset by a $335,000 transfer out of cash and operating losses of the three enterprise funds
totaling $462,213.
Financial Analysis of the City’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental funds. The focus of the City’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’s financing requirements.
As of the end of the current fiscal year, the City’s governmental funds reported combined ending
fund balances of $14,482,106 an increase of $320,506 from the prior year.
The ending fund balance is classified as follows:
Nonspendable $102,556
Restricted 7,176,386
Committed 102,948
Assigned 5,502,668
Unassigned 1,597,548
Total $14,482,106
The General Fund is the chief operating fund of the City. At the end of the current fiscal year,
unassigned fund balance of the General Fund was $2,489,685, while total fund balance reached
$2,590,790. 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 35% of total General Fund expenditures and total fund balance represents
37% of that same amount.
During the current fiscal year, the fund balance in the General Fund increased by $83,026 due to
increase in revenues over expenditures of $79,555.
The Street Improvement Debt Service Fund decreased by $303,529 mainly due to the refunding
of specific prior debt issuances and using cash held to lower new debt issued.
22
The HRA TIF Debt Service Fund decreased by $1,311 due to transferred revenue that covered
only principal and interest expenditures.
The HRA TIF Improvement Fund increased by $601,396, substantially due to an increase in
revenues of $336,210.
The Street Improvement Project Funds decreased by $21,647 due to the $1,273,143 in other
financing sources being less than the revenues under expenditures of $1,294,790.
The Public Utilities Infrastructure Fund decreased by $122,443 substantially due to transfers
costs of $251,610 offset by investment earnings of $148,097.
Non-major Special Revenue Funds decreased by $39,802 resulting in an ending balance of
$127,514, substantially due to the increase in expenditures of $51,360.
Non-major Debt Service Funds had a total fund balance of $1,062,034, all of which is restricted
for the payment of debt service. The net decrease in fund balance during the current year in the
non-major debt service funds was $18,152, substantially due to the planned use of fund balance
to support the debt service associated with the Public Facilities Revenue Bonds.
Non-major Capital Project Funds had a total fund balance of $1,166,913, a decrease of $142,968
from prior year, substantially due to the decrease in capital related expenditures of $922,920.
Proprietary funds. The City’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 $28,333,666. The total net position for each fund was:
Liquor – $2,228,821; Water and Sewer – $16,867,291; Stormwater Utility - $9,237,554.
23
General Fund Budgetary Highlights
Variances from actual to budget can be briefly summarized as follows:
General property taxes were $32,893 greater than budget due to a higher percentage of
current tax levy collections were received than was budgeted.
Licenses and permits were $7,758 greater than budget primarily due to higher level of
construction related permit activity.
Intergovernmental revenues were $21,141 greater than budget due to higher funding
levels for public safety grants.
Charges for services were less than budget by $21,687 mainly due to gasoline costs being
lower by $22,947 which lowered the charges for gasoline charged to other governmental
entities.
Planning and Zoning other services and charges were greater than budget by $20,867 due
to increased redevelopment activity.
Other revenues were greater than budgeted by $25,586 substantially due to investment
earnings being higher than budget by $26,792.
Public Works was $23,401 less than budget due to gasoline costs being $35,908 less than
budget.
Police protection was $103,805 more than budget due to costs professional costs
associated with data practices requests.
Capital Asset and Debt Administration
Capital Assets. The City’s investment in capital assets for its governmental and business-type
activities as of December 31, 2019 amounts to $58,421,844 (net of accumulated depreciation).
This investment in capital assets includes land, buildings and structures, improvements,
machinery and equipment, park facilities, roads and infrastructure. The City’s investment in
capital assets (net) decreased 2%.
Major capital asset events during the current fiscal year included the following:
The 2018 street reconstruction and infrastructure improvements was completed in 2019 along
with the Silver Lake Road LED street lighting project.
The 2019 Silver Lake Road fold mitigation project was completed in 2019.
The 2019 County Road C utility improvements, trail and sidewalk improvements are
reflected in construction work in progress along with the preliminary cost associated with the
future street, utility and stormwater improvements.
24
City of St. Anthony, Minnesota’s Capital Assets
Governmental Activities Business-Type Activities Totals
2019 2018 2019 2018 2019 2018
Land $1,662,883 $1,662,883 $2,089,954 $2,089,954 $3,752,837 $3,752,837
Permanent easements 73,984 73,984 - - 73,984 -
Land improvements 587,187 587,187 1,038,687 1,038,687 1,625,874 1,625,874
Buildings and structures 10,133,864 10,105,047 8,467,897 8,467,897 18,601,761 18,572,944
Furniture and fixtures 4,576,847 4,761,555 4,853,924 4,841,674 9,430,771 9,603,229
Software intangibles 23,303 23,303 26,022 26,022 49,325 49,325
Infrastructure/streets 41,336,141 39,489,582 17,043,752 14,896,823 58,379,893 54,386,405
Storm sewers 428,469 428,469 - - 428,469 428,469
Storm water - - 2,253,147 2,253,147 2,25 3,147 2,253,147
Less accumulated depreciation (26,400,210) (24,526,759) (10,514,273) (9,566,664) (36,914,483) (34,093,423)
Construction in progress 740,266 2,766,747 - - 740,266 2,766,747
Total $33,162,734 $35,371,998 $25,259,110 $24,047,540 $58,421,844 $59,345,554
Additional information on the City’s capital assets can be found in Note 5.
Long-term debt. At the end of the current fiscal year, the City had total bonded debt
outstanding of $29,170,000. Of this amount, $20,365,000 comprises debt backed by special
assessments and the full faith and credit of the City, $6,240,000 is backed by tax increments,
$1,850,000 is backed by lease revenue sources, and $715,000 is backed by revenues sources
from the City’s water/sewer funds. In addition, the City’s debt represents the liability for
compensated absences $901,184, net pension liability of $4,446,367, and OPEB liability of
$846,113.
City of St. Anthony, Minnesota’s Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Totals
2019 2018 2019 2018 2019 2018
General obligation bonds $20,365,000 $22,040,000 $ - $ - $20,365,000 $22,040,000
G.O. revenue bonds 1,850,000 2,185,000 715,000 845,000 2,565,000 3,030,000
G.O. tax increment bonds 6,240,000 6,660,000 - - 6,240,000 6,660,000
Issuance premiums (discounts) 894,108 794,649 18,408 22,916 912,516 817,565
Total $29,349,108 $31,679,649 $733,408 $867,916 30,082,516 $32,547,565
The City’s total bonded debt decreased by $2,560,000 (8%) during the current fiscal year. The
key factors in this decrease were: 1) principal retirement of $5,040,000 and 2) the issuance of
$2,480,000 of 2019A General Obligation Bonds.
The City 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 is $30,710,616, which is in excess of the City’s
applicable debt. Additional information on the City’s long-term debt can be found in Note 6.
25
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 the City 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’s budget for the 2020 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.
26
BASIC FINANCIAL STATEMENTS
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CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2019
With Comparative Totals For December 31, 2018
Governmental Business-Type
Activities Activities 2019 2018
Assets:
Cash and investments $14,456,772 $2,624,996 $17,081,768 $17,061,902
Accrued interest 35,124 - 35,124 41,672
Due from other governmental units 717,149 - 717,149 332,142
Accounts receivable - net 93,817 672,895 766,712 643,433
Internal balances 238,085 (238,085) - -
Property taxes receivable 177,350 - 177,350 192,211
Prepaid items 97,730 19,323 117,053 249,058
Inventories - at cost 4,826 1,128,122 1,132,948 1,213,985
Loans receivable 21,493 - 21,493 32,674
Special assessments receivable 1,561,374 - 1,561,374 1,911,754
Land held for resale 370,356 - 370,356 -
Capital assets - net:
Nondepreciable 2,477,133 2,089,954 4,567,087 6,593,568
Depreciable 30,685,601 23,169,156 53,854,757 52,825,970
Net pension asset 260,528 - 260,528 175,033
Total assets 51,197,338 29,466,361 80,663,699 81,273,402
Deferred outflows of resources:
Related to other post employment benefits 28,051 - 28,051 30,066
Related to pensions 2,778,725 - 2,778,725 4,124,695
Total deferred outflows of resources 2,806,776 0 2,806,776 4,154,761
Liabilities:
Accounts payable 534,781 269,500 804,281 540,936
Due to other governmental units 86,501 68,772 155,273 169,231
Salaries payable 105,611 38,828 144,439 116,676
Contracts payable 527,331 - 527,331 573,031
Deposits payable 5,715 57,735 63,450 69,198
Accrued interest payable 390,927 5,959 396,886 366,450
Other post employment benefits:
Due within one year 11,075 - 11,075 -
Due in more than one year 835,038 - 835,038 803,931
Long-term liabilities:
Due within one year 3,130,801 199,391 3,330,192 3,445,849
Due in more than one year 26,922,913 730,595 27,653,508 29,948,384
Net pension liability:
Due in more than one year 4,446,367 - 4,446,367 4,499,785
Total liabilities 36,997,060 1,370,780 38,367,840 40,533,471
Deferred inflows of resources:
Related to other post employment benefits 39,170 - 39,170 -
Related to pensions 4,887,590 - 4,887,590 6,257,505
Total deferred inflows of resources 4,926,760 - 4,926,760 6,257,505
Net position:
Net investments in capital assets 9,746,635 24,525,702 34,272,337 33,601,671
Restricted for:
Debt service 6,339,750 - 6,339,750 7,097,594
Pensions 177,502 - 177,502 200,075
Public safety 39,505 - 39,505 31,141
Unrestricted (4,223,098) 3,569,879 (653,219) (2,293,294)
Total net position $12,080,294 $28,095,581 $40,175,875 $38,637,187
Total
Primary Government
The accompanying notes are an integral part of these financial statements.
29
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
Program Revenues
Charges For
Functions/Programs Expenses Services
Primary government:
Governmental activities:
General government $1,587,360 $419,857
Public safety 4,789,232 812,086
Public works 2,960,916 389,964
Parks and recreation 536,095 224,500
Housing and redevelopment 975,246 857
Interest on long-term debt 803,042 -
Total governmental activities 11,651,891 1,847,264
Business-type activities:
Liquor 5,903,275 6,160,868
Water/water plant 1,617,354 999,082
Sewer 1,253,102 1,211,209
Stormwater 308,786 206,700
Total business-type activities 9,082,517 8,577,859
Total primary government $20,734,408 $10,425,123
The accompanying notes are an integral part of these financial statements.
30
Statement 2
Operating Capital
Grants and Grants and Governmental Business-Type
Contributions Contributions Activities Activities 2019 2018
$22,782 $ - ($1,144,721) $ - ($1,144,721) ($817,174)
369,998 - (3,607,148) - (3,607,148) (3,713,970)
100,494 633,142 (1,837,316) - (1,837,316) (1,842,991)
1,115 - (310,480) - (310,480) (259,220)
- - (974,389) - (974,389) (1,189,659)
- - (803,042) - (803,042)(795,625)
494,389 633,142 (8,677,096) 0 (8,677,096) (8,618,639)
- - - 257,593 257,593 250,075
- - - (618,272) (618,272)(563,135)
- - - (41,893) (41,893) (81,424)
- - - (102,086) (102,086)78,809
0 0 0 (504,658) (504,658) (315,675)
$494,389 $633,142 (8,677,096) (504,658) (9,181,754) (8,934,314)
General revenues:
General property taxes 7,477,523 - 7,477,523 7,128,703
Tax increment taxes 2,060,375 - 2,060,375 1,870,589
Grants and contributions not
restricted to specific programs 561,062 - 561,062 559,437
Unrestricted investment earnings 492,834 83,886 576,720 319,290
Gain on sale of capital assets - - - 48,529
Other 15,468 29,294 44,762 238,339
Transfers (1,824,178) 1,824,178 - -
Total general revenues and transfers 8,783,084 1,937,358 10,720,442 10,164,887
Change in net position 105,988 1,432,700 1,538,688 1,230,573
Net position - January 1 11,974,306 26,662,881 38,637,187 37,406,614
Net position - December 31 $12,080,294 $28,095,581 $40,175,875 $38,637,187
Program Revenues
Total
Primary Government
Changes in Net Position
Net (Expense) Revenue and
The accompanying notes are an integral part of these financial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2019
With Comparative Totals For December 31, 2018
General Fund
Street Improvement
Debt Service Fund
HRA TIF Debt
Service
Assets
Cash and investments $2,408,813 $4,097,831 $6,226
Accrued interest 35,124 - -
Due from other governmental units 40,585 - -
Accounts receivable - net 59,193 - -
Interfund receivable 128,593 - -
Interfund loan receivable - - -
Property taxes receivable:
Delinquent 27,911 11,909 -
Due from county 29,811 9,699 -
Prepaid items 96,279 - -
Inventories - at cost 4,826 - -
Loans receivable - - -
Special assessments receivable 4,561 1,548,879 -
Land held for resale - - -
Total assets $2,835,696 $5,668,318 $6,226
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $83,586 $ - $ -
Due to other governmental units 23,703 - -
Salaries payable 102,687 - -
Contracts payable - - -
Deposits payable 2,458 3,257 -
Interfund payable - - -
Interfund loan payable - - -
Total liabilities 212,434 3,257 0
Deferred inflows of resources:
Unavailable revenue 32,472 1,491,957 -
Fund balance (deficit):
Nonspendable 101,105 - -
Restricted - 4,173,104 6,226
Committed - - -
Assigned - - -
Unassigned 2,489,685 - -
Total fund balance (deficit)2,590,790 4,173,104 6,226
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$2,835,696 $5,668,318 $6,226
The accompanying notes are an integral part of these financial statements.
32
Statement 3
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other Governmental
Funds
Intra-Activity
Eliminations
2019 2018
$2,062,763 $178,983 $2,901,806 $2,559,657 $ - $14,216,079 $14,531,791
- - - - - 35,124 41,672
- 671,458 2,470 2,636 - 717,149 320,710
8,050 775 - 25,799 - 93,817 41,786
- - - - (128,593) - -
- - 987,426 - (987,426) - -
12,706 - - 8,184 - 60,710 101,472
72,264 - - 4,866 - 116,640 90,154
204 - - 1,247 - 97,730 220,011
- - - - - 4,826 3,980
- - - 21,493 - 21,493 32,674
- - - 7,934 - 1,561,374 1,888,670
370,356 - - - - 370,356 -
$2,526,343 $851,216 $3,891,702 $2,631,816 ($1,116,019) $17,295,298 $17,272,920
$369,995 $45,542 $4,608 $31,050 $ - $534,781 $417,813
- - - 62,798 - 86,501 24,529
- - - 2,924 - 105,611 83,811
6,987 447,430 67,142 5,772 - 527,331 573,031
- - - - - 5,715 9,293
- - - 128,593 (128,593) - -
959,326 - - 28,100 (987,426) - -
1,336,308 492,972 71,750 259,237 (1,116,019) 1,259,939 1,108,477
12,706 - - 16,118 - 1,553,253 2,002,843
204 - - 1,247 - 102,556 223,991
1,895,517 - - 1,101,539 - 7,176,386 7,466,883
- - - 102,948 - 102,948 124,214
- 358,244 3,819,952 1,324,472 - 5,502,668 5,458,103
(718,392) - - (173,745) - 1,597,548 888,409
1,177,329 358,244 3,819,952 2,356,461 0 14,482,106 14,161,600
$2,526,343 $851,216 $3,891,702 $2,631,816 ($1,116,019) $17,295,298 $17,272,920
Fund balance reported above $14,482,106 $14,161,600
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.33,162,734 35,371,998
Other long-term assets are not available to pay for current-period expenditures and,
therefore, are reported as unavailable in the funds.1,553,253 2,002,843
Net pension asset related to the Saint Anthony Fire Department Relief Association. 260,528 175,033
Deferred outflows of resources related to the Saint Anthony Fire Department Relief Association.28,364 78,816
Deferred inflows of resources related to the Saint Anthony Fire Department Relief Association.(111,390)(53,774)
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds.(29,740,035) (32,039,057)
Internal service funds are used by management to charge the cost of employee vacation,
severance, pension benefits, and other post employment benefits to individual funds. The assets
and liabilities are included in the governmental activities on the statement of net position.(7,555,266)(7,723,153)
Net position of governmental activities $12,080,294 $11,974,306
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
33
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
General Fund
Street Improvement
Debt Service Fund
HRA TIF Debt
Service
Revenues:
General property taxes $4,546,353 $1,883,542 $ -
Tax increment collections - - -
Licenses, fees and permits 268,565 - -
Intergovernmental 993,688 57,114 -
Special assessments 1,685 455,394 -
Charges for services 1,021,578 - -
Cable franchise fees 97,200 - -
Fines and forfeits 85,087 - -
Investment income 58,472 89,861 -
Contributions and donations 500 - -
Refunds and reimbursements 9,752 - -
Miscellaneous 14,362 - -
Total revenues 7,097,242 2,485,911 0
Expenditures:
Current:
General government 1,065,208 - -
Public safety 4,688,261 - -
Public works 991,401 10,090 -
Parks and recreation 268,319 - -
Nondepartmental 78,233 - -
Housing and redevelopment - - -
Capital outlay:
General government - - -
Public safety - - -
Public works - - -
Parks and recreation - - -
Debt service:
Principal - 3,925,000 420,000
Interest - 537,405 173,987
Paying agent fees - 8,978 1,312
Issuance costs - 38,240 -
Construction/acquisition costs - - -
Developer incentives - - -
Total expenditures 7,091,422 4,519,713 595,299
Revenues over (under) expenditures 5,820 (2,033,802)(595,299)
Other financing sources (uses):
Bonds issued - 20,908 -
Refunding bonds issued - 1,335,000 -
Premium on bonds issued - 136,865 -
Sale of capital assets - - -
Transfers in 258,200 237,500 593,988
Transfers out (180,994) - -
Total other financing sources (uses)77,206 1,730,273 593,988
Net change in fund balance 83,026 (303,529)(1,311)
Fund balance - January 1 2,507,764 4,476,633 7,537
Fund balance - December 31 $2,590,790 $4,173,104 $6,226
The accompanying notes are an integral part of these financial statements.
34
Statement 4
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other Governmental
Funds
Intra-Activity
Eliminations
2019 2018
$ - $ - $ - $1,055,067 $ - $7,484,962 $7,107,947
2,093,697 - - - - 2,093,697 1,861,251
- - - - - 268,565 295,955
- 521,601 2,470 20,482 - 1,595,355 1,136,456
- - - 6,177 - 463,256 658,532
- - - 131,807 - 1,153,385 1,097,940
- - - - - 97,200 101,612
- - - 11,205 - 96,292 85,538
106,400 15,986 148,097 67,017 - 485,833 284,452
- - - 1,050 - 1,550 16,046
69,327 128,452 - 24,291 - 231,822 173,537
- 6,751 - 304 - 21,417 43,534
2,269,424 672,790 150,567 1,317,400 0 13,993,334 12,862,800
124,713 - - 137,682 - 1,327,603 1,048,214
- - - 10,434 - 4,698,695 4,861,358
- - 8,880 60,700 - 1,071,071 1,211,055
- - - 206,111 - 474,430 431,091
- - - - - 78,233 61,262
7,998 - - 161,012 - 169,010 160,255
- - - - - - 102,507
- - - - - - 603,056
- - 12,250 124,514 - 136,764 321,149
- - - 28,817 - 28,817 10,705
- - - 565,000 - 4,910,000 2,895,000
93,150 - - 93,438 - 897,980 887,798
- - - 1,532 - 11,822 8,298
- 33,142 - - - 71,382 63,573
35,588 1,934,438 270 - - 1,970,296 2,720,619
804,391 - - - - 804,391 1,029,217
1,065,840 1,967,580 21,400 1,389,240 0 16,650,494 16,415,157
1,203,584 (1,294,790)129,167 (71,840)0 (2,657,160) (3,552,357)
- 1,124,092 - - - 1,145,000 2,610,000
- - - - - 1,335,000 -
- 89,051 - - - 225,916 92,831
- - - 23,050 - 23,050 64,754
- 60,000 - 592,233 (1,406,921)335,000 287,094
(602,188) - (251,610)(458,429) 1,406,921 (86,300) -
(602,188) 1,273,143 (251,610)156,854 0 2,977,666 3,054,679
601,396 (21,647)(122,443)85,014 0 320,506 (497,678)
575,933 379,891 3,942,395 2,271,447 - 14,161,600 14,659,278
$1,177,329 $358,244 $3,819,952 $2,356,461 $0 $14,482,106 $14,161,600
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
35
CITY OF ST. ANTHONY, MINNESOTA
RECONCILIATION OF THE STATEMENT OF REVENUES,Statement 5
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2019
With Comparative Amounts For The Year Ended December 31, 2018
2019 2018
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)$320,506 ($497,678)
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.4,767 1,698,333
Transfer out of governmental capital assets contributed to Enterprise Funds.(2,159,178) (1,522,678)
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.(54,853) (7,522)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.(449,590) 120,037
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.2,204,084 192,169
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.94,938 92,173
Internal Service Funds are used by management to charge the cost of severance
pension, and other post employment expenses to individual funds. This amount is the
net income attributable to governmental activities.167,887 193,575
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
differed from pension contributions:
Pension contributions $60,716
Pension expense (83,289) (22,573) (19,486)
Change in net position of governmental activities (statement 2)$105,988 $248,923
The accompanying notes are an integral part of these financial statements.
36
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 6
PROPRIETARY FUNDS
December 31, 2019
With Comparative Totals For Enterprise Funds For December 31, 2018
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
Assets:2019 2018
Current assets:
Cash and cash equivalents $774,316 $1,661,977 $188,703 $2,624,996 $2,370,867 $240,693
Accounts receivable - net 4,529 668,366 - 672,895 624,731 -
Due from other governmental units - - - - 12,017 -
Prepaid items 6,204 13,119 - 19,323 29,047 -
Inventories - at cost 868,671 259,451 - 1,128,122 1,210,005 -
Total current assets 1,653,720 2,602,913 188,703 4,445,336 4,246,667 240,693
Noncurrent assets:
Capital assets:
Land - 5,653 2,084,301 2,089,954 2,089,954 -
Land improvements - - 1,038,687 1,038,687 1,038,687 -
Buildings and structures 1,880,793 6,587,104 - 8,467,897 8,467,897 -
Furniture, fixtures and equipment 441,685 4,412,239 - 4,853,924 4,841,674 -
Distribution and collection system - 12,124,500 7,172,399 19,296,899 17,149,971 -
Software intangibles 26,022 - - 26,022 26,022 -
Total capital assets 2,348,500 23,129,496 10,295,387 35,773,383 33,614,205 0
Less: Allowance for depreciation (1,385,648) (7,888,215) (1,240,410) (10,514,273) (9,566,665) -
Net capital assets 962,852 15,241,281 9,054,977 25,259,110 24,047,5400
Total assets 2,616,572 17,844,194 9,243,680 29,704,446 28,294,207 240,693
Deferred outflows of resources:
Related to OPEB - - - - - 28,051
Related to pensions - - - - - 2,750,361
Total deferred outflows of resources - - - - - 2,778,412
Liabilities:
Current liabilities:
Accounts payable 234,215 29,159 6,126 269,500 123,123 -
Due to other governmental units 65,847 2,925 - 68,772 144,702 -
Salaries payable 19,732 19,096 - 38,828 32,865 -
Accrued interest payable - 5,959 - 5,959 7,042 -
Refundable deposits - 57,735 - 57,735 59,905 -
Compensated absences payable - current 22,260 42,131 - 64,391 61,602 230,801
Bonds and notes payable - current - 135,000 - 135,000 130,000 -
Other post employment benefits liability - current - - - - - 11,075
Total current liabilities 342,054 292,005 6,126 640,185 559,239 241,876
Noncurrent liabilities:
Compensated absences payable - noncurrent 45,697 86,490 - 132,187 127,472 473,805
Bonds and notes payable - noncurrent - 598,408 - 598,408 737,916 -
Other post employment benefits liability - noncurrent - - - - - 835,038
Net pension liability - - - - - 4,446,367
Total noncurrent liabilities 45,697 684,898 0 730,595 865,388 5,755,210
Total liabilities 387,751 976,903 6,126 1,370,780 1,424,627 5,997,086
Deferred inflows of resources:
Related to OPEB - - - - - 39,170
Related to pensions - - - - - 4,776,200
Total deferred inflows of resources - - - - - 4,815,370
Net position:
Net investments in capital assets 962,852 14,507,873 9,054,977 24,525,702 23,179,624 -
Unrestricted 1,265,969 2,359,418 182,577 3,807,964 3,689,956 (7,793,351)
Total net position $2,228,821 $16,867,291 $9,237,554 $28,333,666 $26,869,580 ($7,793,351)
Net position reported above $28,333,666 $26,869,580
Adjustment to report the cumulative internal balance for the net effect of activity
between the internal service fund and the enterprise funds over time.(238,085)(206,699)
Net position of business-type activities (Statement 1)$28,095,581 $26,662,881
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 REVENUES, EXPENSES AND Statement 7
CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For Enterprise Funds For The Year Ended December 31, 2018
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2019 2018
Sales $6,160,868 $ - $ - $6,160,868 $5,867,452 $ -
Cost of sales (4,614,845) - - (4,614,845) (4,344,764) -
Gross profit 1,546,023 0 0 1,546,023 1,522,688 0
Operating revenues:
Customer billings - 2,206,841 206,700 2,413,541 2,323,418 -
Connection charges - 3,450 - 3,450 51,200 -
Charges for services - - - - - 620,361
Total operating revenues 0 2,210,291 206,700 2,416,991 2,374,618 620,361
Total gross profit and operating revenues 1,546,023 2,210,291 206,700 3,963,014 3,897,306 620,361
Operating expenses:
Personal services 817,908 912,811 - 1,730,719 1,698,471 614,422
Supplies 318,173 250,368 44 568,585 580,783 -
Contracted services 56,315 137,828 43,053 237,196 245,677 -
Treatment charges (MCES) - 733,670 - 733,670 708,567 -
Other 8,796 196,127 2,525 207,448 216,378 -
Depreciation 71,110 613,335 263,164 947,609 862,940 -
Total operating expenses 1,272,302 2,844,139 308,786 4,425,227 4,312,816 614,422
Operating income (loss)273,721 (633,848) (102,086) (462,213) (415,510) 5,939
Nonoperating revenues (expenses):
Investment income 20,757 56,952 6,177 83,886 32,771 7,001
Intergovernmental revenue - - - - - 37,261
Interest expense - (11,059) - (11,059) (13,687) -
Miscellaneous (172) 29,466 - 29,294 12,565 -
Total nonoperating revenues (expenses)20,585 75,359 6,177 102,121 31,649 44,262
Income (loss) before contributions and transfers 294,306 (558,489) (95,909) (360,092) (383,861) 50,201
Contributions and transfers:
Capital contributions - 756,666 1,402,512 2,159,178 1,522,678 -
Capital contributions - intergovernmental - - - - 126,991 -
Transfers in - - - - 102,705 86,300
Transfers out (250,000) - (85,000) (335,000) (373,394) -
Total contributions and transfers (250,000) 756,666 1,317,512 1,824,178 1,378,980 86,300
Change in net position 44,306 198,177 1,221,603 1,464,086 995,119 136,501
Net position - January 1 2,184,515 16,669,114 8,015,951 26,869,580 25,874,461 (7,929,852)
Net position - December 31 $2,228,821 $16,867,291 $9,237,554 $28,333,666 $26,869,580 ($7,793,351)
Change in net position reported for business-type activities above $1,464,086 $995,119
Transfer in of capital assets from governmental activities 2,159,178 1,522,678
Portion of contribution revenue reported above (2,159,178) (1,522,678)
Adjustment for the net effect of the current year activity between the
internal service fund and the enterprise funds.(31,386) (13,469)
Change in net position of business-type activities (Statement 2)$1,432,700 $981,650
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
38
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For Enterprise Funds For The Year Ended December 31, 2018
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2019 2018
Cash flows from operating activities:
Receipts from customers and users $6,164,479 $2,099,196 $218,132 $8,481,807 $8,217,103 $ -
Receipts from interfund charges for pension benefits - - - - - 620,361
Payment to suppliers (4,814,945) (1,278,754) (48,256) (6,141,955) (6,164,693)
Payment to employees (815,345) (901,907) - (1,717,252) (1,687,586) (632,213)
Miscellaneous revenue (172) 29,466 - 29,294 12,799 -
Net cash flows provided by (used in)
operating activities 534,017 (51,999) 169,876 651,894 377,623 (11,852)
Cash flows from noncapital financing activities:
Transfer from General Fund - - - - - 86,300
Transfer to General Fund (250,000) - - (250,000) (250,000) -
Transfer to Debt Service Funds - - (85,000) (85,000) (123,394) -
Net cash flows provided by (used in)
noncapital financing activities (250,000)0 (85,000) (335,000) (373,394) 86,300
Cash flows from capital and related
financing activities:
Intergovernmental revenue - capital - - - - 126,991 -
Acquisition of capital assets - - - - (203,642) -
Principal paid on debt - (130,000) - (130,000) (130,000) -
Interest paid on debt - (16,651) - (16,651) (19,274) -
Net cash flows provided by (used in)
capital and related financing activities 0 (146,651)0 (146,651) (225,925)0
Cash flows from investing activities:
Investment income 20,757 56,952 6,177 83,886 32,771 7,001
Net increase (decrease) in cash and cash equivalents 304,774 (141,698) 91,053 254,129 (188,925) 81,449
Cash and cash equivalents - January 1 469,542 1,803,675 97,650 2,370,867 2,559,792 159,244
Cash and cash equivalents - December 31 $774,316 $1,661,977 $188,703 $2,624,996 $2,370,867 $240,693
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $273,721 ($633,848) ($102,086) ($462,213) ($415,510) $5,939
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue (172) 29,466 - 29,294 12,565 -
Depreciation 71,110 613,335 263,164 947,609 862,940 -
Changes in assets and liabilities:
Decrease (increase) in receivables 3,611 (51,190) 11,432 (36,147) (24,733) -
Decrease (increase) in prepaid items 6,088 3,636 - 9,724 (542) -
Decrease (increase) in inventory 28,823 53,060 - 81,883 97,373 -
Decrease (increase) in deferred outflows of resources - - - - - 1,297,533
Increase (decrease) in payables 150,836 (66,458) (2,634) 81,744 (154,470) 47,012
Increase (decrease) in OPEB liability - - - - - 42,182
Increase (decrease) in net pension liability - - - - - (16,157)
Increase (decrease) in deferred inflows of resources - - - - - (1,388,361)
Total adjustments 260,296 581,849 271,962 1,114,107 793,133 (17,791)
Net cash provided by operating activities $534,017 ($51,999) $169,876 $651,894 $377,623 ($11,852)
Noncash investing, capital and financing activities:
Assets in the amount of $18,060 and $0 were contributed to the Liquor Fund in 2018 and 2019, respectively.
Assets in the amount of $1,224,256 and $756,666 were contributed to the Water/Sewer/Water Plant Fund in 2018 and 2019, respectively.
Assets in the amount of $280,362 and $1,402,512 were contributed to the Stormwater Utility Fund in 2018 and 2019, respectively.
Totals
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
39
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40
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
activities) 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
activity. Taxes and other items not included among program revenues are reported instead as general
revenues.
41
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING AND FINANCIAL STATEMENT
PRESENTATION
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as
they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the 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.
The HRA TIF Improvement Fund was established to account for the construction and
redevelopment costs within the City.
The Street Improvement Project Fund was established to account for the construction costs
associated with a systematic plan to reconstruct substandard residential streets and alleys.
42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 type:
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 and other
post employment benefits to other departments of the City on a cost reimbursement basis.
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.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues
of the liquor, water and sewer enterprise funds are charges to customers for sales and services.
Operating expenses for enterprise funds include the cost of sales and services, administrative expenses,
and depreciation on capital assets. All revenues and expenses not meeting this definition are reported
as nonoperating revenues and expenses.
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.
43
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
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.
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 $84,835 $86,067 $1,232
Elections 24,400 34,113 9,713
Planning and zoning 74,729 95,596 20,867
General government buildings 117,463 126,138 8,675
Police protection 3,294,649 3,398,454 103,805
Equipment maintenance 392,642 398,754 6,112
Tree and weed care 47,526 48,527 1,001
Park maintenance 212,391 216,143 3,752
Nondepartmental 52,500 78,233 25,733
Nonmajor Funds:
Special Revenue Funds:
Community Center fund 143,323 181,159 37,836
Recycling fund 24,619 25,386 767
HRA fund 152,576 161,012 8,436
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.
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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, 2019 are
planned to be eliminated in 2020. 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 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) are classified as due from county.
Taxes not collected by the county by December 31 are classified as delinquent 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
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
For 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.
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 and an estimated useful life in excess of one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital assets are
recorded at acquisition value at the date of donation. 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.
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Property, plant and equipment 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.
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
48
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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.
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. Also see Note 17 to the financial statements.
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, 2018, from
which the summarized information was derived.
T. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
In addition to assets, the statement of financial position reports a separate section for deferred outflows
of resources. This separate financial statement element represents a consumption of net position that
applies to future periods and so will not be recognized as an outflow of resources (expense/
expenditure) until then. The City has two items that qualify for reporting in this category. They are
the pension related deferred outflows of resources and the OPEB related deferred outflows of
49
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 reports a separate section for deferred
inflows of resources. This separate financial statement element represents an acquisition of net
position that applies to future periods and so will not be recognized as an inflow of resources
(revenue) until that time. The government has pension and OPEB 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, tax
increment and intergovernmental revenue.
U. PENSION PLANS
COST SHARING MULTIPLE – EMPLOYER PLANS
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
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.
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 ($29,740,035) difference are as follows:
Bonds payable ($28,455,000)
Accrued interest payable (390,927)
Unamortized bond premium (894,108)
Net adjustment to reduce fund balance - total
governmental funds to arrive at net position -
governmental activities.($29,740,035)
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 $4,767 difference are as follows:
Capital outlay $165,581
Construction/acquisition costs 1,970,296
Current expenditures capitalized 18,160
Depreciation expense (2,149,270)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities.$4,767
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 ($449,590) difference are as follows:
Unavailable revenue - general property taxes:
At December 31, 2018 ($55,444)
At December 31, 2019 48,003
Unavailable revenue - tax increment taxes:
At December 31, 2018 (46,028)
At December 31, 2019 12,706
Unavailable revenue - special assessments:
At December 31, 2018 (1,876,371)
At December 31, 2019 1,492,544
Unavailable revenue - intergovernmental:
At December 31, 2018 (25,000)
At December 31, 2019 -
Net adjustments to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($449,590)
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 $2,204,084
difference are as follows:
Debt issued or incurred:
Issuance of general obligation bonds ($2,480,000)
Premium on issued bonds (225,916)
Principal repayments 4,910,000
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities.$2,204,084
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 $94,938 difference are as follows:
Change in accrued interest payable ($31,519)
Amortization of bond premium 126,457
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities.$94,938
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, 2019, the bank balance of the City’s
deposits was covered by federal depository insurance.
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
B. INVESTMENTS
Minnesota Statutes authorize the City to invest in the following:
a) Direct obligations or obligations guaranteed by the United States or its agencies, its
instrumentalities or organizations created by an act of congress, excluding mortgage-backed
securities defined as high risk.
b) Shares of investment companies registered under the Federal Investment Company Act of 1940
and whose only investments are in securities described in (a) above, general obligation tax-exempt
securities, or repurchase or reverse repurchase agreements.
c) State and local securities as follows:
1) any security which is a general obligation of any state or local government with taxing
powers which is rated “A” or better by a national bond rating service;
2) any security which is a revenue obligation of any state or local government with taxing
powers which is rated “AA” or better by a national bond rating service; and
3) a general obligation of the Minnesota Housing Finance Agency which is a moral obligation of
the State of Minnesota and is rated “A” or better by a national bond rating agency.
d) Bankers acceptances of United States banks 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, 2019, the City had the following investments and maturities:
Fair Less
Investment Type Rating Value Than 1 1-5 6-10
Federal National Meeting Association AAA $249,950 $ - $249,950 $ -
Money market funds Not rated 1,129,763 1,129,763 - -
External investment pool - 4M Fund Not rated 5,722,182 5,722,182 - -
External investment pool - 4M Plus Fund Not rated 255,878 255,878 - -
Municipal Securities AA - AAA 481,994 125,654 356,340 -
Brokered Certificates of Deposit Not rated 8,870,287 3,009,204 5,471,043 390,040
Total $16,710,054 $10,242,681 $6,077,333 $390,040
Total investments $16,710,054
Total deposits 366,414
Petty cash 5,300
Total cash and investments $17,081,768
Investment Maturities (in Years)
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
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, 2019:
Investment Type 12/31/19 Level 1 Level 2 Level 3
Investments at fair value:
Brokered Certificates of Deposit $8,870,287 $ - $8,870,287 $ -
Municipal Securities 481,994 - 481,994 -
Federal National Mortgage Association 249,950 - 249,950
Total/Subtotal 9,602,231 $0 $9,602,231 $0
Investments not categorized:
External investment pool - 4M, 4M Plus 5,978,060
Money market funds 1,129,763
Total $16,710,054
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 its investments at
amortized cost in accordance with Government Accounting Standards Board Statement No. 79.
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. In regards to the 4M Fixed
Income Fund, redemption of a CD prior to the maturity may result in early withdrawal penalties.
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
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
sufficiently liquid to enable the City to meet all operating requirements which might be reasonably
anticipated.
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, 2019 are as
follows:
Street
Improvement HRA TIF Nonmajor
General Debt Service Improvements Funds Total
Special assessments receivable $ - $1,317,100 $ - $6,400 $1,323,500
Delinquent property taxes 9,500 4,300 - 3,000 16,800
Delinquent tax increment - - 9,800 - 9,800
$9,500 $1,321,400 $9,800 $9,400 $1,350,100
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 $27,910 $4,562 $ - $32,472
Street Improvement Debt Service 11,909 1,480,048 - 1,491,957
HRA TIF Improvements - - 12,706 12,706
Nonmajor Funds 8,184 7,934 - 16,118
Total unavailale revenue $48,003 $1,492,544 $12,706 $1,553,253
56
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Note 5 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2019 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being depreciated:
Land $1,662,883 $ - $ - $1,662,883
Permanent easements 73,984 - - 73,984
Construction in progress 2,766,747 1,993,410 (4,019,891) 740,266
Total capital assets, not being depreciated 4,503,614 1,993,410 (4,019,891) 2,477,133
Capital assets, being depreciated:
Buildings and improvements 10,105,047 28,817 - 10,133 ,864
Land improvements 587,187 - - 587,187
Furniture, fixtures and equipment 4,761,555 145,964 (330,672) 4,576,847
Streets 39,489,582 1,846,559 - 41,336,141
Storm sewers 428,469 - - 428,469
Intangible assets 23,303 - - 23,303
Total capital assets, being depreciated 55,395,143 2,021,340 (330,672) 57,085,811
Le Buildings and improvements 4,963,579 313,338 - 5,276,917
Land improvements 379,431 47,387 - 426,818
Furniture, fixtures and equipment 3,169,152 239,540 (275,378) 3,133,314
Streets 15,835,866 1,526,764 - 17,362,630
Storm sewers 173,271 17,139 - 190,410
Intangible assets 5,460 4,661 - 10,121
Total accumulated depreciation 24,526,759 2,148,829 (275,378) 26,400,210
Total capital assets being depreciated - net 30,868,384 (127,489) (55,294) 30,685,601
Governmental activities capital assets - net $35,371,998 $1,865,921 ($4,075,185) $33,162,734
As shown above, construction in progress decreased by $4,019,891 during 2019. Of this amount, $2,159,178
was transferred to business-type activities.
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Beginning Ending
Balance Increases Decrease Balance
Business-type activities:
Capital assets, not being depreciated:
Land $2,089,954 $ - $ - $2,089,954
Total capital assets, not being depreciated 2,089,954 0 0 2,089,954
Capital assets, being depreciated:
Buildings and structures 8,467,897 - - 8,467,897
Land improvements 1,038,687 - - 1,038,687
Furniture, fixtures and equipment 4,841,674 12,250 - 4,853,924
Software and intangibles 26,022 - - 26,022
Stormwater 2,253,147 - - 2,253,147
Distribution and collection system 14,896,823 2,146,929 - 17,043,752
Total capital assets, being depreciated 31,524,250 2,159,179 0 33,683,429
Less accumulated depreciation for:
Buildings and structures 2,431,346 208,108 - 2,639,454
Land improvements - 41,548 41,548
Furniture, fixtures and equipment 1,089,725 182,420 - 1,272,145
Software and intangibles 26,022 - - 26,022
Stormwater 693,176 91,291 - 784,467
Distribution and collection system 5,326,395 424,242 - 5,750,637
Total accumulated depreciation 9,566,664 947,609 0 10,514,273
Total capital assets being depreciated - net 21,957,586 1,211,570 0 23,169,156
Business-type activities capital assets - net $24,047,540 $1,211,570 $0 $25,259,110
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Depreciation/amortization expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $125,639
Public safety 204,195
Public works, including depreciation of general infrastructure assets 1,759,473
Parks and recreation 59,522
Total depreciation/amortization expense - governmental activities 2,148,829
Business-type activities:
Liquor 71,110
Water/Water Plant 505,366
Sewer 107,969
Stormwater 263,164
Total depreciation/amortization expense - business-type activities 947,609
Total depreciation expense $3,096,438
CONSTRUCTION COMMITMENTS
At December 31, 2019, the City had commitments of approximately $182,000 for uncompleted
construction contracts.
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,
2019. 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 are issued to finance business-type activities. These bonds are Utility Revenue Bonds.
The liability for these bonds is recorded in the Proprietary Funds.
59
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
As of December 31, 2019, the long-term debt of the City consisted of the following:
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/19
Governmental Activities:
G.O. Improvement Bonds:
G.O. Improvement Refunding Bonds, Series 2011B 0.40-2.00% 12/29/2011 2/1/2021 $2,210,000 $400,000
G.O. Improvement Bonds, Series 2013B 0.45-2.625% 4/23/2013 2/1/2029 1,775,000 1,200,000
G.O. Improvement Bonds, Series 2014A 2.00-3.30% 4/10/2014 2/1/2030 2,070,000 1,560,000
G.O. Improvement Bonds, Series 2015A 2.00-3.00% 5/19/2015 2/1/2031 2,580,000 2,110,000
G.O. Improvement Bonds, Series 2016A 2.00-2.75% 6/2/2016 2/1/2032 1,455,000 1,280,000
G.O. Improvement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 1,355,000 1,045,000
G.O. Improvement Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 2,600,000 2,455,000
G.O. Improvement Bonds, Series 2018A 3.00-4.00% 5/15/2018 2/1/2034 2,610,000 2,610,000
G.O. Improvement Refunding Bonds, Series 2019A 2.25-4.00% 7/18/2019 2/1/2027 1,335,000 1,335,000
Total improvement bonds 16,655,000 13,995,000
G.O. 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 2,840,000
G.O. Tax Increment Refunding Bonds, Series 2015B 2.00-3.00% 12/29/2015 2/1/2031 4,310,000 3,400,000
Total tax increment revenue bonds 7,975,000 6,240,000
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2016B 2.00% 6/2/2016 2/1/2026 1,445,000 635,000
G.O. Tax Abatement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2025 835,000 645,000
G.O. Tax Abatement Refunding Bonds, Series 2019A 3.00-4.00% 7/18/2019 2/1/2035 1,145,000 1,145,000
Total tax abatement bonds 3,425,000 2,425,000
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 1,850,000
Other G.O. Bonds:
G.O. Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2028 5,440,000 2,720,000
G.O. Street Reconstruction Bonds, Series 2014C 2.00-3.00% 7/24/2014 2/1/2024 1,305,000 755,000
G.O. Equipment Certificate, Series 2017A 3.00% 5/18/2017 2/1/2027 520,000 470,000
Total other G.O. bonds 7,265,000 3,945,000
Unamortized bond premiums N/A 894,108
Total - bonded indebtedness 39,315,000 29,349,108
Compensated absences payable N/A 704,606
Total - governmental activities 39,315,000 30,053,714
Business-type activities
Revenue Bonds:
G.O. Water and Sewer Revenue Bonds, Series 2013A 2.00% 4/16/2003 2/1/2024 1,440,000 715,000
Unamortized bond premiums N/A 18,408
Total - bonded indebtedness 1,440,000 733,408
Compensated absences N/A 196,578
Total City indebtedness - business-type activities 1,440,000 929,986
Total City indebtedness $40,755,000 $30,983,700
60
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
CURRENT REFUNDING
On July 18, 2019, the City issued $2,480,000 of General Obligation Bonds, Series 2019A. On August 1, 2019,
the City used $604,000 of the proceeds and $121,000 of cash on hand to advance refund the 2020 through 2026
maturities of the General Obligation Improvement Bonds, Series 2010A. The City refunded the Series 2010A
bonds to reduce its total debt service payments over the last seven years of the bond by $36,086 and to obtain
an economic gain (difference between the present value of the debt service payments on the old and new debt)
of $29,815.
On August 1, 2019, the City also used $827,000 of the proceeds from the Series 2019A bonds and $318,000 of
cash on hand to advance refund the 2020 through 2027 maturities of the General Obligation Improvement
Bonds, Series 2011A. The City refunded the Series 2011A bonds to reduce its total debt service payments over
the last eight years of the bond by $94,007 and to obtain an economic gain (difference between the present
value of the debt service payments on the old and new debt) of $70,007.
Annual debt service requirements to maturity for long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest
2020 $1,215,000 $391,183 $445,000 $165,438
2021 1,285,000 357,438 450,000 156,487
2022 1,175,000 323,370 475,000 146,212
2023 1,210,000 288,826 495,000 134,412
2024 1,235,000 252,520 510,000 122,062
2025 1,265,000 214,951 530,000 109,313
2026 1,105,000 178,639 555,000 95,700
2027 1,020,000 146,754 580,000 80,081
2028 915,000 119,498 605,000 62,975
2029 940,000 93,494 635,000 43,787
2030 830,000 67,734 655,000 23,025
2031 685,000 45,056 305,000 4,876
2032 505,000 26,994 - -
2033 405,000 12,988 - -
2034 205,000 3,331
Total $13,995,000 $2,522,776 $6,240,000 $1,144,368
G.O. Improvement Bonds
Governmental Activities
G.O. Tax Increment Bonds
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Year Ending
December 31 Principal Interest Principal Interest Principal Interest
2020 $180,000 $70,183 $345,000 $35,690 $715,000 $85,350
2021 250,000 62,900 355,000 28,690 730,000 70,350
2022 255,000 55,625 370,000 21,348 750,000 54,677
2023 265,000 48,100 385,000 13,320 530,000 39,907
2024 275,000 40,275 395,000 4,542 375,000 28,155
2025 285,000 32,150 - - 220,000 20,132
2026 160,000 25,700 - - 225,000 14,178
2027 75,000 21,900 - - 230,000 7,919
2028 75,000 19,275 - - 170,000 2,338
2029 80,000 16,950 - - - -
2030 80,000 14,550 - - - -
2031 85,000 12,075 - - - -
2032 85,000 9,525 - - - -
2033 90,000 6,900 - - - -
2034 90,000 4,200 - - - -
2035 95,000 1,425 - - - -
Total $2,425,000 $441,733 $1,850,000 $103,590 $3,945,000 $323,006
Other General
Obligation Bonds
Governmental Activities
Revenue Bonds
G.O. LeaseG.O. Tax
Abatement Bonds
Year Ending
December 31 Principal Interest
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 $715,000 $36,650
Revenue Bonds
Business-Type Activities
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2019, was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement bonds $15,945,000 $1,335,000 ($3,285,000) $13,995,000 $1,215,000
G.O. tax increment refunding bonds 6,660,000 - (420,000) 6,240,000 445,000
G.O. tax abatement bonds 1,460,000 1,145,000 (180,000) 2,425,000 180,000
G.O. lease revenue refunding bonds 2,185,000 - (335,000) 1,850,000 345,000
G.O. refunding bonds 3,220,000 - (500,000) 2,720,000 515,000
G.O. street reconstruction bonds 895,000 - (140,000)755,000 145,000
G.O. equipment certificates 520,000 - (50,000) 470,00 055,000
Total bonds payable - governmental activities 30,885,000 2,480,000 (4,910,000) 28,455,000 2,900,000
Unamortized bond premiums 794,649 225,916 (126,457) 894,108 -
Total bonded indebtedness 31,679,649 2,705,916 (5,036,457) 29,349,108 2,900,000
Compensated absences 657,594 401,091 (354,079) 704,606 230,801
Total governmental activities
long-term liabilities $32,337,243 $3,107,007 ($5,390,536) $30,053,714 $3,130,801
Business-type activities:
Revenue bonds $845,000 $ - ($130,000) $715,000 $135,000
Unamortized bond premiums 22,916 - (4,508) 18,408 -
Total bonded indebtedness 867,916 0 (134,508) 733,408 135,000
Compensated absences 189,074 96,463 (88,959) 196,578 64,391
Total business-type activities
long-term liabilities $1,056,990 $96,463 ($223,467) $929,986 $199,391
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, 2019 is backed by the full faith and credit of
the City, including improvement and revenue bond issues. Delinquent assessments receivable at December 31,
2019 totaled $19,187.
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
2019A Tax Abatement 2019 utility improvements, trails Tax abatement revenue N/A N/A 2019-2035 $1,481,008 $ - $ -
2018A Road Improvements 2018 road construction Special Assessment s 30%N/A 2018-2034 3,297,837 110,554 308,319
Property tax levy 70%
2017A Tax Abatement Refunding of 2009A Tax abatement revenue 100%N/A 2017-2025 706,675 115,775 124,592
Emerald Park improvements
2017A Road Improvements Refunding of 2009A Special assessments 9%N/A 2017-2025 1,141,975 183,600 174,845
Refunding road reconstruction Property tax levy 91%
2019A Road Improvements Refunding of 2010A Special assessments N/A N/A 2019-2026 659,316 - -
Refunding and 2011A Road Property tax levy
Improvement Bonds
2012A Road Improvements 2012 road construction Special assessment s 13%N/A 2012 - 2028 2,932,393 565,049 529,599
Refunding Road improvement Property tax levy 87%
Bonds 2006A,2007A
2012A Lease Revenue 2012 building improvements Property tax levy 100%N/A 2012 - 2024 1,953,590 377,490 350,527
Refunding Lease Revenue
Bonds 2003A
2013B Road Improvements 2013 road construction Special assessment s 17%N/A 2013 - 2029 1,344,085 140,285 105,567
Property tax levy 83%
2014A Road Improvements 2014 road construction Special assessment s 18%N/A 2014 - 2030 1,830,970 175,230 176,118
Property tax levy 82%
2015A Road Improvements 2015 road construction Special assessment s 19%N/A 2015-2031 2,446,706 211,713 175,876
Property tax levy 81%
2016A Road Improvements 2016 road reconstruction Special assessme nts 52%N/A 2016 - 2032 1,477,019 118,638 230,936
Property tax levy 48%
2019A Improvements 2011 road construction Special assessments N/A N/A 2019-2027 914,112 - -
Refunding Property tax levy
Revenue Pledged Current Year
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
2016B Tax Abatement Mirror Lake improvements and Tax abatement revenue 100%N/A 2016 - 2026 680,050 98,550 103,449
pedestrian safety improvements
2017A Road Improvements 2017 road reconstruction Special assessments 17%N/A 2017 - 2033 2,999,275 220,825 231,725
Property tax levy 83%
2017A Equipment Certificate 2017 Equipment note Tax abatement revenue 100%N/A 2017 - 2033 528,500 64,850 276,363
2014C Road Improvements Refunding of 2008A Property tax levy 100%N/A 2014 - 2024 807,113 160,025 149,527
Silver Lake Road improvements
2015B TIF Refunding 2006B TIF Bonds TIF 100%N/A 2015-2031 3,986,931 317,362 710,009
2014B TIF Refunding 2007 TIF Bonds TIF 100%N/A 2015 -2031 3,397,438 276,625 605,030
2013A G.O. Water/Sewer Refunding 2003B G.O. Charges for services 100%33% 2013-2024 751,650 145,600 2,296,715
Revenue Water/Sewer Revenue Bonds
2011B Road Improvements Refunding 2004A and 2005A Special assessments 13%N/A 2012 - 2020 406,435 274,590 113,581
Refunding Street Improvement Bonds Property tax levy 87%
Revenue Pledged Current Year
Note 7 DEFINED BENEFIT PENSION
A. COST-SHARING MULTIPLE-EMPLOYER PENSION 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 are covered by the General Employees Retirement Fund (GERF). GERF members
belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security.
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.
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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. 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 Plan members. Members hired prior to July 1, 1989,
receive the higher of Method 1 or Method 2 formulas. Only Method 2 is used for members hired
after June 30, 1989. Under Method 1, the accrual rate for Coordinated Plan members is 1.2% of
average salary for each of the first ten years of service and 1.7% of average salary for each
additional year. Under Method 2, the accrual rate for Coordinated Plan members is 1.7% of
average salary for all years 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.
Annuities, disability benefits, and survivor benefits are increased effective every January 1.
Beginning January 1, 2019, the postretirement increase will be equal to 50% of the cost-of-living
adjustment (COLA) announced by the SSA, with a minimum increase of at least 1% and a
maximum of 1.5%. Recipients that have been receiving the annuity or benefit for at least a full
year as of the June 30 before the effective date of the increase will receive the full increase. For
recipients receiving the annuity or benefit for at least one month but less than a full year as of the
June 30 before the effective date of the increase will receive a reduced prorated increase. For
members retiring on January 1, 2024 or later, the increase will be delayed until normal retirement
age (age 65 if hired prior to July 1, 1989, or age 66 for individuals hired on or after July 1, 1989).
Members retiring under Rule of 90 are exempt from the delay to normal retirement.
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. A full, unreduced pension is earned when members are age 55 and
vested, or for members who were first hired prior to July 1, 1989, when age plus years of service
equal at least 90.
Annuities, disability benefits, and survivor benefits are increased effective every January 1.
Beginning January 1, 2019, the postretirement increase will be fixed at 1%. Recipients that have
been receiving the annuity or benefit for at least 36 months as of the June 30 before the effective
date of the increase will receive the full increase. For recipients receiving the annuity or benefit
for at least 25 months but less than 36 months as of the June 30 before the effective date of the
increase will receive a reduced prorated increase.
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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
Coordinated Plan members were required to contribute 6.50% of their annual covered salary in
fiscal year 2019; the City was required to contribute 7.50% for Coordinated Plan members. The
City’s contributions to the GERF for the year ended December 31, 2019 were $179,816. The
City’s contributions were equal to the required contributions as set by state statute.
2. PEPFF Contributions
Police and Fire member’s contribution rates increased from 10.8% of pay to 11.3% and employer
rates increased from 16.2% to 16.95% on January 1, 2019. The City’s contributions to the PEPFF
for the year ended December 31, 2019 were $440,545. The City’s contributions were equal to the
required contributions as set by state statute.
PENSION COSTS
1. GERF Pension Costs
At December 31, 2019, the City reported a liability of $1,846,611 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 $16 million to the fund in 2019. 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 $57,331. The net pension liability was measured as of
June 30, 2019, 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 proportionate share 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, 2018, through June 30, 2019, relative to the
total employer contributions received from all of PERA’s participating employers. At June 30,
2019, the City’s proportionate share was .0334% which was a decrease of .0011% from its
proportion measured as of June 30, 2018.
City's proportionate share of the net pension liability $1,846,611
State of Minnesota’s proportionate share of the net pension
liability associated with the City 57,331
Total $1,903,942
For the year ended December 31, 2019, the City recognized pension expense of $209,839 for its
proportionate share of the GERF’s pension expense. In addition, the City recognized an
additional $4,294 as pension expense (and grant revenue) for its proportionate share of the State
of Minnesota’s contribution of $16 million to the GERF.
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
At December 31, 2019, 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 $50,789 $ -
Changes in actuarial assumptions - 143,971
Net difference between projected
and actual investment earnings - 187,728
Changes in proportion 16,542 65,851
Contributions paid to PERA
subsequent to the measurement date 89,416 -
Total $156,747 $397,550
$89,416 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, 2020. Other amounts reported as deferred
outflows and inflows of resources related to pensions will be recognized in pension expense as
follows:
Year Ended Pension
December 31 Expense
2020 ($122,745)
2021 (156,429)
2022 (54,020)
2023 2,975
Thereafter -
2. PEPFF Pension Costs
At December 31, 2019, the City reported a liability of $2,599,756 measured as of June 30, 2019,
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 proportionate share 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, 2018, through June 30, 2019, relative to the total employer
contributions received from all of PERA’s participating employers. At June 30, 2019, the City’s
proportionate share was .2442% which was an increase of .0016% from its proportionate share
measured as of June 30, 2018. The City also recognized $32,967 for the year ended December
31, 2019, 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,
until the plan is 90 percent funded or until the State Patrol Plan (administered by the Minnesota
State Retirement System) is 90 percent funded, whoever occurs later. In addition, the state will
pay $4.5 million on October 1, 2018 and October 1, 2019 in direct state aid. Thereafter, by
October 1 of each year, the state will pay $9 million until full funding is reached or July 1, 2048,
whichever is earlier.
68
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
For the year ended December 31, 2019, the City recognized pension expense of $258,058 for its
proportionate share of the PEPFF’s pension expense.
At December 31, 2019, 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 $110,458 $382,930
Changes in actuarial assumptions 2,117,336 2,923,327
Net difference between projected
and actual investment earnings - 549,414
Changes in proportion 141,474 522,979
Contributions paid to PERA
subsequent to the measurement date 224,346 -
Total $2,593,614 $4,378,650
$224,346 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, 2020. Other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Year Ended Pension
December 31 Expense
2020 ($276,665)
2021 (464,825)
2022 (1,140,846)
2023 (128,224)
2024 1,178
Thereafter -
ACTUARIAL ASSUMPTIONS
The total pension liability in the June 30, 2019 actuarial valuation was determined using an individual
entry-age normal actuarial cost method and 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 disabilitants for all plans were based on RP 2014 tables for males or females, as
appropriate, with slight adjustments to fit PERA’s experience. Cost of living benefit increases after
retirement for retirees are assumed to be 1.25% per year for the General Employees Plan and 1.0% per
year for the Police and Fire Plan.
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Actuarial assumptions used in the June 30, 2019 valuation were based on the results of actuarial
experience studies. The most recent four-year experience study in the General Employees Plan was
completed in 2019. The most recent four-year experience study for Police and Fire Plan was
completed in 2016.
The following changes in actuarial assumptions and plan provisions occurred in 2019:
General Employees Fund
Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2017 to MP-2018.
Changes in Plan Provisions:
The employer supplemental contribution was changed prospectively, decreasing from $31.0
million to $21.0 million per year. The State’s special funding contribution was changed
prospectively, requiring $16.0 million due per year through 2031.
Police and Fire Fund
Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2017 to MP-2018.
Changes in Plan Provisions:
There have been no changes since the prior valuation.
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:
Long-Term Expected Long-Term Expected
Asset Class Real Rate of Return Nominal Rate of Return
Domestic equity 4.76%7.26%
International equity 5.41%7.91%
Fixed income 2.01%4.51%
Real estate and alternatives 4.53%7.03%
Cash and equivalents 0.74%3.24%
Total (weighted average)5.26%
Reduced for assumed investment expense -0.08%
Net assumed investment return (rounded to 1/4%)5.25%
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
DISCOUNT RATE
The discount rate used to measure the total pension liability in 2019 was 7.50%. 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. Based on these assumptions, the fiduciary
net position of the General Employees Fund and the Police and Fire Fund were 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.
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 $3,035,729 $1,846,611 $864,758
City's proportionate share of the
PEPFF net pension liability $5,682,583 $2,599,756 $50
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 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.
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.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 $3,800 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 $3,800 for each year that the
member served as an active member of the Relief. The survivor benefits include those members who
are on the regular pension roll or on the deferred pension roll.
State Supplemental Benefits
Minnesota Statute 424A.10 provides for the payment of a supplemental benefit equal to ten percent of
a regular lump sum distribution up to a maximum of $1,000. The supplemental benefit is in lieu of a
State income tax exclusion for lump sum distributions and will no longer be available if State tax law
is modified to exclude lump sum distributions from State income tax. The Relief qualifies for these
benefits.
EMPLOYEES COVERED BY BENEFIT TERMS
At December 31, 2019, the following employees were covered by the benefit terms:
Retired members entitled to benefits,
but have not received them 9
Current members:
Fully vested (20 years or more) 2
Partially vested (10 years to 19 years) 6
Nonvested (less than 10 years) 13
Total 30
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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, 2019 were $6,000. The City’s
contributions met the required contribution amount as set by state statute. State aid contributions for
the year ended December 31, 2019 were $54,716.
NET PENSION LIABILITY
The City’s net pension liability (asset) was measured as of December 31, 2019, and the total pension
liability used to calculate the net pension liability (asset) was determined by an actuarial valuation as
of that date.
ACTUARIAL ASSUMPTIONS
The total pension liability in the December 31, 2019 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Investment rate of return 5.25%
Projected salary increases N/A
Inflation 2.75%
Cost-of-living adjustments None
Age of service retirement 50
Post retirement benefit increase None
The expected investment rate of return and discount rate for 2019 was 5.25%, a decrease of .50%
from 2018. Also, the benefit level increased from $3,500 to $3,800 in 2019.
Mortality assumptions for pre-retirement, post-retirement and disability are as follows:
Healthy pre-retirement – RP 2014 employee generational mortality projected with mortality
improvement scale MP-2018, from a base year of 2006.
Healthy post-retirement – RP 2014 annuitant generational mortality projected with mortality
improvement scale MP-2018 from a base year of 2006. Male rates adjusted by a factor of 0.96.
Disabled – RP 2014 annuitant generational mortality table projected with mortality improvement
scale MP-2018 from a base year of 2006. Male rates are adjusted by a factor of 0.96.
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.
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 4.76% 7.26%
International equity 5.41% 7.91%
Fixed income 2.01% 4.51%
Real estate and alternatives 4.53% 7.03%
Cash and equivalents 0.74% 3.24%
Total (weighted average) 5.26%
Reduced for assumed investment expense -0.08%
Net assumed investment return (rounded to 1/4%) 5.25%
DISCOUNT RATES
The discount rate used to measure the total pension liability was 5.25%. The liability discount rate
was developed using the alternative method described in paragraph 43 of GASB 67, which states
that “if the evaluations required by paragraph 41 can be made with sufficient reliability without a
separate projection of cash flows into and out of the pension plan, alternative methods may be
applied in making the evaluations.” The determination of the discount rate assumed that the plan’s
current overfunded status, combined with Minnesota statutory funding requirements, provide
sufficient reliability that projected plan assets will be adequate to pay future retiree benefits.
Therefore, the plan’s long-term expected return on plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
74
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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, 2018 $706,985 $882,018 ($175,033)
Changes for the year:
Service cost 40,799 - 40,799
Interest 42,195 - 42,195
Differences between expected and actual experience (71,654) - (71,654)
Changes of assumptions 15,462 - 15,462
Changes in benefit terms 35,173 - 35,173
Contributions - employer - 6,000 (6,000)
On behalf contributions - State of MN - 54,716 (54,716)
Contributions - employee - - -
Net investment income - 98,394 (98,394)
Benefit payments (27,928) (27,928) -
Administrative expense - (11,640) 11,640
Net changes 34,047 119,542 (85,495)
Balance at December 31, 2019 $741,032 $1,001,560 ($260,528)
Increase (Decrease)
PENSION LIABILITY (ASSET) SENSITIVITY
The following presents the net pension liability (asset) of the City, calculated using the discount rate
of 5.25%, as well as what the net pension liability would be if it were calculated using a discount
rate that is 1 percentage point lower (4.25%) or 1 percentage point higher (6.25%) than the current
rate:
Current
1% Decrease Discount Rate 1% Increase
(4.25%) (5.25%) (6.25%)
Net pension liability (asset) ($232,668) ($260,528) ($286,504)
PENSION PLAN FIDUCIARY NET POSITION
Detailed information about the pension plan’s fiduciary net position is available in a 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.
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED
INFLOWS OF RESOURCES RELATED TO PENSIONS
For the year ended December 31, 2019, the City recognized pension expense of $83,289. At
December 31, 2019, 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 experience $ - $90,283
Changes of assumptions 15,891 21,107
Net differences between projected and
actual investment earnings 12,473 -
Total $28,364 $111,390
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pension will be recognized in pension expense as follows:
Year ended Pension
December 31 Expense
2020 ($7,927)
2021 (7,398)
2022 571
2023 (21,733)
2024 (12,240)
Thereafter (34,299)
C. PENSION EXPENSE
Pension expense recognized by the City for the fiscal year ended December 31, 2019 is as follows:
GERF $214,133
PEPFF 258,058
Fire Relief 83,289
Total $555,480
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.
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 2019 were:
Required
Employer
Employee (Pension Expense) Employee Employer Rate
$1,913 $1,913 5% 5% 5%
Contribution Amount Percentage of Covered Payroll
Note 9 POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB)
A. PLAN DESCRIPTION
The City provides post-employment health care benefits, as defined in paragraph B, through its group
health insurance plan (the plan). The plan is a single-employer defined benefit OPEB plan
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. OPEB is funded on a pay-as-you
go basis. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB
Statement No. 75. The plan does not issue a stand-alone financial report.
B. BENEFITS PROVIDED
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. Active employees, who retire from the City when over age 50 and with 20 years
of service, may continue coverage with respect to both themselves and their eligible dependent(s)
under the City’s health benefits program until age 65.
The City provides health coverage for peace officers or firefighters disabled or killed in the line of
duty in accordance with Minnesota Statute 299A.465. The amount of coverage provided is equal to the
employer portion of health insurance premiums that would have otherwise been paid if the officer or
firefighter was an active employee. During 2019, the City did not have any police officers or
firefighters eligible for this benefit.
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
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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.
C. PARTICIPANTS
As of the January 1, 2018 actuarial valuation, participants of the plan consisted of:
Active employees 55
Inactive employees or beneficiaries
currently receiving benefits 2
Total 57
D. TOTAL OPEB LIABILITY AND CHANGES IN TOTAL OPEB LIABILITY
The City’s total OPEB liability of $846,113 was measured as of December 31, 2018 and was
determined by an actuarial valuation as of January 1, 2018. Changes in the total OPEB liability during
2019 were:
Balance - beginning of year $803,931
Changes for the year:
Service cost 66,821
Interest 29,763
Changes of benefit terms -
Differences between expected and actual experience -
Changes in assumptions (43,327)
Benefit payments (11,075)
Net changes 42,182
Balance - end of year $846,113
Changes in assumptions reflect a change in the discount rate from 3.44% in 2018 to 4.09% in 2019.
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
E. ACTUARIAL ASSUMPTIONS AND OTHER INPUTS
The total OPEB liability in the January 1, 2018 actuarial valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement, unless
otherwise specified:
Inflation 3.50%
Salary increases 3.5% for Police and Fire after 25 years of service and
after 26 years of service for all other employees
Discount rate 4.09%
Investment rate of return NA
Healthcare cost trend rates 8% for 2018, decreasing each year to an
ultimate rate of 5% for 2028 and beyond
Retirees' share of benefit-related costs 100%
Since the plan is funded on a pay-as-you-go basis, both the discount rate and the investment rate of
return was based on the 20 year AA rated municipal bond rate as of December 31, 2018, obtained from
the Bond Buyer 20-Bond G.O. index.
Mortality rates are the rates used in the PERA plan of which the employee, retiree or beneficiary is a
participant.
Coordinated
Healthy Pre-Retirement
RP-2014 Employee Mortality Table, adjusted for white collar and mortality
improvements using projection scale MP-2015, from a base year of 2014. Rates are set
forward one year for males and set back one year for females.
Healthy Post-Retirement
RP-2014 Healthy Annuitant Mortality Table, adjusted for white collar and mortality
improvements using projection scale MP-2015, from a base year of 2014. Rates are set
forward two years for males. Female rates are multiplied by a factor of 0.90.
Disabled
RP-2014 Disabled Mortality Table, adjusted for mortality improvements using projection
scale MP-2015, from a base year of 2014. Rates are set forward one year for males and
set forward six years for females.
Police & Fire
Healthy Pre-Retirement
RP-2014 employee generational mortality table projected with mortality improvement
scale MP- 2016, from a base year of 2006.
Healthy Post-Retirement
RP-2014 annuitant generational mortality table projected with mortality improvement
scale MP-2016 from a base year of 2006. Male rates are adjusted by a factor of 0.96.
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Disabled
RP-2014 annuitant generational mortality table projected with mortality improvement
scale MP-2016 from a base year of 2006. Male rates are adjusted by a factor of 0.96.
Based on past experience of the plan, 65% of future retirees are assumed to continue medical coverage
until age 65. The retirement rates for employees in each PERA returned plans are as follows:
Coordinated Plan
The 'Rule of 90' retirement rates apply to employees hired prior to July 1, 1989 that have attained the
Rule of 90 (age plus service totals 90). The 'No Rule of 90' Tier 1 retirement rates apply to employees
hired prior to July 1, 1989 that have not attained the Rule of 90, and 'No Rule of 90' Tier 2 employees
hired on or after July 1,1989.
Police & Fire
Rates as shown in the table below.
Police & Fire Fund
Age Rule of 90 Tier 1 Tier 2 All Employees
50 0.00% 0.00% 0.00% 10.00%
51 0.00% 0.00% 0.00%7.00%
52 0.00% 0.00% 0.00%7.00%
53 0.00% 0.00% 0.00%10.00%
54 0.00% 0.00% 0.00%10.00%
55 20.00% 5.00% 5.00%25.00%
56 15.00% 5.00% 5.00%22.50%
57 15.00% 5.00% 5.00%22.50%
58 15.00% 6.00% 5.00%22.50%
59 15.00% 7.00% 6.00%20.00%
60 15.00% 8.00% 7.00%22.50%
61 18.00% 10.00% 9.00%25.00%
62 35.00% 20.00% 15.00%30.00%
63 25.00% 20.00% 15.00%30.00%
64 25.00% 20.00% 15.00%30.00%
65 32.50% 32.50% 25.00%50.00%
66 25.00% 25.00% 25.00%50.00%
67 20.00% 20.00% 20.00%50.00%
68 17.50% 17.50% 17.50%50.00%
69 15.00% 15.00% 15.00%50.00%
70 17.50% 17.50% 17.50%100.00%
71 100.00% 100.00% 100.00%100.00%
Coordinated Plan
Summary of Retirement Rates
80
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
F. SENSITIVITY OF THE TOTAL OPEB LIABILITY TO CHANGES IN THE DISCOUNT
RATE
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB
liability would be if it were calculated using a discount rate that is 1% lower (3.09%) or 1% higher
(5.09%) than the current discount rate:
1% Decrease Discount Rate 1% Increase
(3.09%)(4.09%)(5.09%)
Total OPEB liability $913,367 $846,113 $782,493
G. SENSITIVITY OF THE TOTAL OPEB LIABILITY TO CHANGES IN THE HEALTHCARE
COST TREND RATES
The following presents the total OPEB liability of the City, as well as what the City’s total OPEB
liability would be if it were calculated using healthcare cost trend rates that are 1% lower (7%
decreasing to 4%) or 1% higher (9% decreasing to 6%) than the current healthcare cost trend rates:
Healthcare Cost
1% Decrease Trend Rates 1% Increase
(7% decreasing to 4%) (8% decreasing to 5%) (9% decreasing to 6%)
Total OPEB liability $741,563 $846,113 $968,708
H. OPEB EXPENSE AND DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES
RELATED TO OPEB
For the year ended December 31, 2019, the City recognized $83,367 of OPEB expense. At December
31, 2019, the City reported deferred outflows and inflows of resources related to OPEB from the
following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Changes of assumptions $16,976 $39,170
Contributions subsequent to
the measurement date 11,075 -
Total
$28,051 $39,170
$11,075 reported as deferred outflows of resources resulting from City contributions subsequent to the
measurement date will be recognized as a reduction of the net OPEB liability in the year ended
December 31, 2020.
81
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in
OPEB expense as follows:
Year Ended OPEB
December 31, Expense
2020 ($2,142)
2021 (2,142)
2022 (2,142)
2023 (2,142)
2024 (2,142)
Thereafter (11,484)
($22,194)
Note 10 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS
Individual fund interfund receivable and payable balances at December 31, 2019 are as follows:
Fund Receivable Payable
Governmental activities:
Major funds:
General Fund $128,593 $ -
Community Center Fund - 28,650
Revolving Improvement Fund - 99,943
Total $128,593 $128,593
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, 2019 are as follows:
Interfund loans:
Fund Receivable Payable Purpose
Major funds:
Public Utilities Infrastructure $987,426 $ -
HRA TIF Improvements 1,369,416 2,328,742 Provide financing for pay off of Fannie Mae loan
Nonmajor funds:
Revolving Improvement - 28,100 Provide financing for Arbors Alley Project
-
Total $2,356,842 $2,356,842
82
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Interfund transfers:
Street Street Nonmajor Internal
General Improvement HRA TIF Improvement Governmental Service
Fund Debt Service Debt Service Project Funds Fund Total
Governmental activities:
General Fund $ - $ - $ - $ - $94,694 $86,300 $180,994
HRA TIF Improvements 8,200 - 593,988 - - - 602,188
Public Utilities Infrastructure - - - - 251,610 - 251,610
Nonmajor - 152,500 - 60,000 245,929 - 458,429
Business-type activities:
Liquor 250,000 - - - - - 250,000
Stormwater utility - 85,000 - - - - 85,000
Total transfers $258,200 $237,500 $593,988 $60,000 $592,233 $86,300 $1,828,221
Transfer out
Major Funds
Transfer In
Governmental Activities
All 2019 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, 2019 as follows:
Fund Amount
Nonmajor funds:
Internal Service Fund $7,793,351
Community Center Fund $12,448
Revolving Improvement Fund 142,490
The Internal Service Fund includes the state retirement plans and OPEB and the retirement of pension and
OPEB deficits are dependent upon variables, including contribution rates, investment earnings, and actuarial
assumptions. The Revolving Improvement Fund deficit will be eliminated with future MSA Construction aid.
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
83
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
determined. The amount of premium adjustment, if any, is considered immaterial and not recorded
until received or paid.
Property, casualty and automobile insurance coverage are provided through a pooled self-insurance
program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to
supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through
commercial companies for claims in excess of various amounts. The City retains risk for the
deductible portions. These deductibles are considered immaterial to the financial statements.
The City continues to carry commercial insurance for all other risks of loss, including liquor liability,
employee health and disability insurance.
There were no significant reductions in insurance from the previous year. The City did not have
significant settlements in excess of insurance coverage in 2019 and 2018. In 2017, significant
settlements were in excess of insurance coverage by $670,000.
B. LITIGATION
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 judgement of the City management,
remotely recoverable by plaintiffs.
C. FEDERAL AND STATE FUNDS
The City receives financial assistance from federal and state governmental agencies in the form of
grants. The disbursement of funds received under these programs generally requires compliance with
the terms and conditions specified in the grant agreements and are subject to audit by the grantor
agencies. Any disallowed claims resulting from such audits could become a liability of the applicable
fund. However, in the opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements included herein or on the overall financial position of the City
at December 31, 2019.
D. TAX INCREMENT DISTRICTS
The City’s tax increment districts are subject to review by the State of Minnesota Office of the State
Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the
applicable fund. Management has indicated that they are not aware of any instances of noncompliance
which would have a material effect on the financial statements.
E. PAY-AS-YOU-GO TAX INCREMENT
The City has 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:
84
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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 $488,184. At December 31,
2019, the principal amount outstanding on the note was $3,206,769.
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 $54,779. At December 31, 2019, 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 $166,733. At December 31, 2019, the principal amount
outstanding on the note was $515,582.
F. ARBITRAGE
The City issued greater than $5 million of bonds in the years 2006, 2007 and 2011 and, therefore, is
required to rebate excess investment income relating to these issues to the federal government. The
City calculates arbitrage rebate every five years as permitted by arbitrage regulations. The extent of
the City’s liability for arbitrage rebates for bond issues not currently requiring five year rebate
calculations is not determinable at this time. However, in the opinion of management, any such
liability would be immaterial.
Note 13 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General obligation bond issues sold by the City are financed by ad valorem tax levies and improvement bond
issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied
against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax
levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County
Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are
85
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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, 2019.
Note 14 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2019, a summary of the governmental fund balance 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 $96,279 $ - $ - $ - $204 $ - $1,247 $97,730
Inventory 4,826 - - - - - - 4,826
Total nonspendable 101,105 0 0 0 204 0 1,247 102,556
Restricted for:
Tax increment - - - - 1,895,517 - - 1,895,517
Public safety - - - - - - 39,505 39,505
Debt service - 4,173,104 6,226 - - - 1,062,034 5,241,364
Total restricted 0 4,173,104 6,226 0 1,895,517 0 1,101,539 7,176,386
Committed to:
Recycling - - - - - - 14,305 14,305
Redevelopment activities - - - - - - 88,643 88,643
Total committed 0 0 0 0 0 0 102,948 102,948
Assigned to:
Recycling - - - - - - 956 956
Street improvements/rehabilitiation - - - 358,244 - - - 358,244
Building improvements - - - - - - 510,120 510,120
Public safety - - - - - - 14,113 14,113
Public utilities infrastructure - - - - - 3,819,952 - 3,819,952
Parks and recreation - - - - - - 71,163 71,163
Other capital improvements - - - - - - 728,120 728,120
Total assigned 0 0 0 358,244 0 3,819,952 1,324,472 5,502,668
Unassigned 2,489,685 - - - (718,392) - (173,745) 1,597,548
Total $2,590,790 $4,173,104 $6,226 $358,244 $1,177,329 $3,819,952 $2,356,461 $14,482,106
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, financial services to other cities, and fire relief state aid passed
through to the St. Anthony Fire Relief Association). At December 31, 2019, the unassigned fund
balance of the General Fund was 37% of the subsequent year’s budgeted expenditures.
86
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
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, 2019, 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, 2019 is unavailable.
Note 16 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City’s legal debt margin for 2019 and 2018 is computed as follows:
December 31, December 31,
2019 2018
Market value:
Ramsey County $372,282,800 $332,722,100
Hennepin County 651,404,400 584,189,715
Total market value 1,023,687,200 916,911,815
Debt limit percentage 3% 3%
Debt limit 30,710,616 27,507,354
Amount of debt applicable to debt limit:
Total bonded debt 29,170,000 31,730,000
Less nonapplicable debt:
Revenue bonds (water, sewer) (715,000) (845,000)
Tax abatement bonds (2,425,000) (1,460,000)
Improvement bonds (16,715,000) (19,165,000)
Tax increment bonds (6,240,000) (6,660,000)
Cash and investments in applicable debt
service funds (824,814) (857,154)
Total amount of debt applicable to debt limit 2,250,186 2,742,846
Legal debt margin $28,460,430 $24,764,508
87
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
Note 17 PRESENTATION OF DEVELOPERS DEPOSITS
For the year ended December 31, 2019, the City implemented GASB Statement No. 84, Fiduciary Activities.
Based on the guidance provided by GASB 84, the City’s developer deposits no longer meet the definition of a
fiduciary activity. Therefore, the amounts and activity previously reported in a fiduciary fund are now reported
in the General Fund.
GASB 84 also requires that changes resulting from the statement be applied retroactively. As such, $16,017 of
cash deficit, developer deposits and receivables are now presented in the 2018 comparative column of the
General Fund of the City’s 2019 financial statements. This reclassification had no effect on beginning net
position or fund balance.
Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Board (GASB) recently approved the following statements which
were not implemented for these financial statements:
Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning
after June 15, 2021.
Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting
periods beginning after December 15, 2021.
Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods
beginning after June 15, 2021.
Statement No. 93 Replacement of Interbank Offered Rates. The provisions of this Statement contain
multiple effective dates, the first being for reporting periods beginning after June 15, 2020.
Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements.
The provisions of this Statement are effective for reporting periods beginning after June 15, 2022.
The effect these standards may have on future financial statements is not determinable at this time, but it is
expected that Statement No. 87 may have a material impact.
Note 19 SUBSEQUENT EVENTS AND UNCERTAINTIES
The COVID-19 pandemic continues to cause rapidly changing disruptions worldwide. Management has
evaluated these conditions and believes that it is not possible to reasonably estimate the financial impact, if any,
of COVID-19 on the City’s financial statements at December 31, 2019.
88
REQUIRED SUPPLEMENTARY INFORMATION
89
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 1 of 5
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
2019 2018
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Revenues:
General property taxes $4,513,460 $4,513,460 $4,546,353 $32,893 $4,234,627
Special assessments - - 1,685 1,685 2,171
Licenses and permits 260,807 260,807 268,565 7,758 295,955
Intergovernmental:
Federal:
Police grants 45,613 45,613 54,661 9,048 42,094
State:
Local governement aid 553,873 553,873 553,865 (8) 522,240
Police aid 190,793 190,793 197,500 6,707 206,192
Fire aid 50,546 50,546 53,716 3,170 53,083
Municipal state aid - street maintenance 97,275 97,275 96,265 (1,010) 97,275
PERA aid 7,197 7,197 7,197 - 7,197
County:
Street maintenance - - - - 31,756
Other 12,500 12,500 11,552 (948) 19,696
Local:
School District DARE 14,500 14,500 14,500 - 16,287
Other 250 250 4,432 4,182 68
Total intergovernmental 972,547 972,547 993,688 21,141 995,888
Charges for services:
Police contracts 713,204 713,204 713,204 - 692,768
Cable franchise fees 102,000 102,000 97,200 (4,800) 101,612
Antenna rental - water tower 58,229 58,229 58,232 3 56,256
Other 267,332 267,332 250,142 (17,190) 214,617
Total charges for services 1,140,765 1,140,765 1,118,778 (21,987) 1,065,253
Fines and forfeits 57,125 57,125 85,087 27,962 72,574
Contributions and donations 1,000 1,000 500 (500)3,873
Other revenue:
Investment income 31,500 31,500 58,472 26,972 23,866
Refunds and reimbursments 12,000 12,000 9,752 (2,248) 19,596
Miscellaneous - other 13,500 13,500 14,362 862 35,559
Total other revenue 57,000 57,000 82,586 25,586 79,021
Total revenues 7,002,704 7,002,704 7,097,242 94,538 6,749,362
Expenditures:
General government:
Mayor and council:
Current:
Personal services 40,744 40,744 40,724 20 40,721
Other services and charges 44,091 44,091 45,343 (1,252) 52,816
Total mayor and council 84,835 84,835 86,067 (1,232) 93,537
Budgeted Amounts
See accompanying notes to the required supplementary information.
90
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 2 of 5
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
2019 2018
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
Public relations/cable:
Current:
Personal services $11,031 $11,031 $11,004 $27 $10,081
Supplies 510 510 52 458 -
Other services and charges 35,138 35,138 33,180 1,958 37,490
Capital outlay 1,025 1,025 - 1,025 -
Total public relations/cable 47,704 47,704 44,236 3,468 47,571
General management:
Current:
Personal services 106,295 106,295 104,071 2,224 98,543
Supplies 300 300 862 (562) 117
Other services and charges 31,861 31,861 25,949 5,912 29,281
Total general management 138,456 138,456 130,882 7,574 127,941
Elections:
Current:
Personal services 20,700 20,700 30,982 (10,282) 19,713
Supplies 525 525 1,464 (939) 365
Other services and charges 3,175 3,175 1,667 1,508 816
Total elections 24,400 24,400 34,113 (9,713) 20,894
Finance:
Current:
Personal services 252,649 252,649 257,175 (4,526) 251,459
Supplies 9,900 9,900 8,796 1,104 7,849
Other services and charges 131,943 131,943 121,523 10,420 111,996
Total finance 394,492 394,492 387,494 6,998 371,304
Assessing:
Current:
Personal services 4,023 4,023 4,318 (295) 4,169
Supplies 166 166 166 - 116
Other services and charges 65,036 65,036 64,000 1,036 61,000
Total assessing 69,225 69,225 68,484 741 65,285
Legal:
Current:
Contracted services 113,500 113,500 92,198 21,302 75,369
Planning and zoning:
Current:
Personal services 14,014 14,014 13,001 1,013 12,552
Supplies 133 133 133 - 121
Other services and charges 60,582 60,582 82,462 (21,880) 60,870
Total planning and zoning 74,729 74,729 95,596 (20,867) 73,543
Budgeted Amounts
See accompanying notes to the required supplementary information.
91
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 3 of 5
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
2019 2018
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Other services and charges $117,463 $117,463 $126,138 ($8,675) $111,441
Total general government 1,064,804 1,064,804 1,065,208 (404) 986,885
Public safety:
Civil defense:
Current:
Personal services 77,925 77,925 77,381 544 73,785
Supplies 500 500 - 500 349
Other services and charges 2,000 2,000 2,135 (135)2,259
Total civil defense 80,425 80,425 79,516 909 76,393
Police protection:
Current:
Personal services 2,952,614 2,952,614 2,930,969 21,645 2,827,257
Supplies 102,804 102,804 80,763 22,041 81,886
Other services and charges 239,231 239,231 386,722 (147,491) 393,844
Total police protection 3,294,649 3,294,649 3,398,454 (103,805) 3,302,987
Fire protection:
Current:
Personal services 1,016,156 1,016,156 1,002,287 13,869 1,006,035
Supplies 37,905 37,905 23,244 14,661 34,760
Other services and charges 70,640 70,640 64,995 5,645 64,494
Total fire protection 1,124,701 1,124,701 1,090,526 34,175 1,105,289
Protective inspections:
Current:
Personal services 14,360 14,360 14,745 (385) 13,747
Supplies 102 102 - 102 433
Other services and charges 93,678 93,678 91,923 1,755 109,028
Total protective inspections 108,140 108,140 106,668 1,472 123,208
DARE program:
Current:
Personal services 13,146 13,146 10,502 2,644 9,928
Supplies 2,000 2,000 2,595 (595)1,981
Total DARE program 15,146 15,146 13,097 2,049 11,909
Total public safety 4,623,061 4,623,061 4,688,261 (65,200) 4,619,786
Budgeted Amounts
See accompanying notes to the required supplementary information.
92
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 4 of 5
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
2019 2018
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Public works:
Street maintenance:
Current:
Personal services $417,819 $417,819 $412,675 $5,144 $404,553
Supplies 19,036 19,036 22,146 (3,110) 20,439
Other services and charges 137,779 137,779 109,299 28,480 137,890
Total street maintenance 574,634 574,634 544,120 30,514 562,882
Equipment maintenance:
Current:
Personal services 85,860 85,860 83,156 2,704 80,649
Supplies 253,734 251,429 238,490 12,939 171,346
Other services and charges 55,353 55,353 77,108 (21,755) 64,395
Total equipment maintenance 394,947 392,642 398,754 (6,112) 316,390
Tree and weed care:
Current:
Personal services 43,201 43,201 43,761 (560) 41,950
Supplies - - 633 (633) -
Other services and charges 4,325 4,325 4,133 192 1,426
Total tree and weed care 47,526 47,526 48,527 (1,001) 43,376
Total public works 1,017,107 1,014,802 991,401 23,401 922,648
Parks and recreation:
Park maintenance:
Current:
Personal services 157,584 157,584 159,102 (1,518) 153,002
Supplies 11,445 13,750 15,538 (1,788) 14,357
Other services and charges 41,057 41,057 41,503 (446) 42,981
Total park maintenance 210,086 212,391 216,143 (3,752) 210,340
Recreation:
Current:
Community services 52,176 52,176 52,176 - 52,176
Total parks and recreation 262,262 264,567 268,319 (3,752) 262,516
Budgeted Amounts
See accompanying notes to the required supplementary information.
93
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 5 of 5
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
2019 2018
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Nondepartmental:
Personal services $ - $ - $ - $ - $31,805
Supplies 40,000 40,000 69,520 (29,520) 15,073
Insurance deductible costs 12,500 12,500 8,713 3,787 14,384
Total nondepartmental 52,500 52,500 78,233 (25,733) 61,262
Total expenditures 7,019,734 7,019,734 7,091,422 (71,688) 6,853,097
Revenues over (under) expenditures (17,030) (17,030) 5,820 22,850 (73,735)
Other financing sources (uses):
Transfers in 208,200 208,200 258,200 50,000 357,870
Transfers out (180,994) (180,994) (180,994) - (176,485)
Total other financing sources (uses) 27,206 27,206 77,206 50,000 181,385
Net change in fund balance $10,176 $10,176 83,026 $72,850 107,650
Fund balance - January 1 2,507,764 2,400,114
Fund balance - December 31 $2,590,790 $2,507,764
Budgeted Amounts
See accompanying notes to the required supplementary information.
94
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
SCHEDULE OF CHANGES IN THE CITY'S TOTAL OPEB LIABILITY AND RELATED RATIOS
For The Year Ended December 31, 2019
2019 2018
Total OPEB liability:
Service cost $66,821 $60,682
Interest 29,763 28,711
Changes of benefit terms - -
Differences between expected and actual experience - -
Changes in assumptions (43,327) 21,006
Benefit payments (11,075) (10,672)
Net change in total OPEB liability 42,182 99,727
Total OPEB liability - beginning 803,931 704,204
Total OPEB liability - ending $846,113 $803,931
Covered-employee payroll $4,897,999 $4,627,624
Total OPEB liability as a percentage of covered-employee payroll 17.3%17.4%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2018 and is intended to
show a ten year trend. Additional years will be added as they become available.
See accompanying notes to the required supplementary information.
95
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 11
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY -
GENERAL EMPLOYEES RETIREMENT FUND
For The Last Ten Years
St. Anthony's
Proportionate
State's Share of the Plan
Proportionate Net Pension Fiduciary
St. Anthony's St. Anthony's Share (Amount) Liability Net Position
Proportionate Proportionate of the Net as a as a
Share Share (Amount) Pension Percentage Percentage
Measurement Fiscal Year (Percentage) of of the Net Liability of its covered of the Total
Date Ending the Net Pension Pension Associated with Covered Payroll Pension
June 30 December 31 Liability Liability (a) St. Anthony (b) Total (a+b) Payroll (c) ((a+b)/c) Liability
2015 2015 0.0343% $1,777,604 $ - $1,777,604 $2,012,851 88.3% 78.2%
2016 2016 0.0353%2,866,185 37,474 2,903,659 2,192,080 132.5% 68.9%
2017 2017 0.0338%2,157,770 27,098 2,184,868 2,174,769 100.5% 75.9%
2018 2018 0.0345%1,913,919 62,724 1,976,643 2,318,754 85.2% 79.5%
2019 2019 0.0334%1,846,611 57,331 1,903,942 2,363,174 80.6% 80.2%
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.
See accompanying notes to the required supplementary information.
96
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 12
SCHEDULE OF PENSION CONTRIBUTIONS - GENERAL EMPLOYEES RETIREMENT FUND
For The Last Ten Years
Statutorily Contributions in Contribution Contributions as a
Fiscal Year Required Relation to the Deficiency Covered Percentage of
Ending Contribution Statutorily Required (Excess)Payroll Covered
December 31 (a)Contribution (b)(a-b)(c)Payroll (b/c)
2015 $161,326 $161,326 $ - $2,151,016 7.50%
2016 160,607 160,607 - 2,141,425 7.50%
2017 167,798 167,798 - 2,237,307 7.50%
2018 175,748 175,748 - 2,343,317 7.50%
2019 179,816 179,816 - 2,397,523 7.50%
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.
See accompanying notes to the required supplementary information.
97
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 13
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY -
PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The Last Ten Years
Proportionate Share
Proportionate of the Net Pension Plan Fiduciary
Proportion Share (Amount) Liability as a Net Position as
Measurement Fiscal Year (Percentage) of of the Net Percentage of its a Percentage
Date Ending the Net Pension Pension Covered Covered of the Total
June 30 December 31 Liability Liability (a) Payroll (b) Payroll (a/b) Pension Liability
2015 2015 0.2770%$3,147,368 $2,535,887 124.1%86.6%
2016 2016 0.2920%11,718,468 2,816,408 416.1%63.9%
2017 2017 0.2650%3,577,815 2,722,821 131.4%85.4%
2018 2018 0.2426%2,585,866 2,553,675 101.3%88.8%
2019 2019 0.2442%2,599,756 2,576,175 100.9%89.2%
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.
See accompanying notes to the required supplementary information.
98
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 14
SCHEDULE OF PENSION CONTRIBUTIONS - PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The Last Ten Years
Statutorily Contributions in Contribution Contributions as a
Fiscal Year Required Relation to the Deficiency Covered Percentage of
Ending Contribution Statutorily Required (Excess)Payroll Covered
December 31 (a)Contribution (b) (a-b)(c)Payroll (b/c)
2015 $435,571 $435,571 $ - $2,688,709 16.20%
2016 447,527 447,527 - 2,762,512 16.20%
2017 424,887 424,887 - 2,622,760 16.20%
2018 419,242 419,242 - 2,587,918 16.20%
2019 440,545 440,545 - 2,599,085 16.95%
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.
See accompanying notes to the required supplementary information.
99
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 15
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS -
ST. ANTHONY FIRE DEPARTMENT RELIEF ASSOCIATION
For The Last Ten Years
Fiscal Year Ending and Measurement date December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 December 31, 2015
Total pension liability:
Service cost $40,799 $37,633 $37,542 $47,233 $44,095
Interest 42,195 40,951 44,308 31,829 30,759
Changes in benefit terms 35,173 26,091 - - -
Differences between expected and actual experience (71,654) - (35,041) - -
Changes of assumptions 15,462 - 2,699 (36,075) -
Benefit payments (27,928)(144,500)(7,260)(80,200)(25,472)
Net change in total pension liability 34,047 (39,825)42,248 (37,213)49,382
Total pension liability - beginning 706,985 746,810 704,562 741,775 692,393
Total pension liability - ending (a)$741,032 $706,985 $746,810 $704,562 $741,775
Plan fiduciary net position:
Contributions - employer $6,000 $6,000 $6,000 $6,000 $6,000
Contributions - State of Minnesota 54,716 53,083 51,206 51,174 48,725
Contributions - employee - - - - -
Net investment income 98,394 (54,281)93,511 39,971 (23,129)
Benefit payments (27,928)(144,500)(7,260)(80,200)(25,472)
Administrative expense (11,640)(11,547)(11,829)(8,653)(10,561)
Net change in plan fiduciary net position 119,542 (151,245)131,628 8,292 (4,437)
Plan fiduciary net position - beginning 882,018 1,033,263 901,635 893,343 897,780
Plan fiduciary net position - ending (b)$1,001,560 $882,018 $1,033,263 $901,635 $893,343
Net pension liability (asset) - ending (a) - (b)($260,528)($175,033)($286,453) ($197,073)($151,568)
Plan fiduciary net position as a percentage of the
total pension liability 135.2%124.8%138.4%128.0%120.4%
Covered-employee payroll*NA NA NA NA NA
Net pension liability as a percentage of covered
employee payroll*NA NA NA NA NA
Pension benefit per year of service $3,800 $3,500 $3,300 $3,300 $3,300
Number of plan participants 30 33 35 32 32
*The Relief Association is comprised of volunteers, therefore there are no payroll expenditures.
See accompanying notes to the required supplementary information.
100
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 16
SCHEDULE OF CONTRIBUTIONS - ST. ANTHONY FIRE DEPARTMENT RELIEF ASSOCIATION
For The Year Ended December 31, 2019
Statutorily Contributions in Contribution Contributions as a
Fiscal Year Required Relation to the Deficiency Covered Percentage of
Ending Contribution Statutorily Required (Excess)Payroll**Covered
December 31 (a)Contribution (b)(a-b)(c)Payroll** (b/c)
2015 $22,977 $53,725 ($30,748)$ - NA
2016 - 56,174 (56,174) - NA
2017 - 56,546 (56,546) - NA
2018 - 58,083 (58,083) - NA
2019 - 60,716 (60,716) - NA
*The Relief Association is comprised of volunteers, therefore, there are no payroll expenditures.
(i.e., there are no covered payroll amounts or percentage calculations.)
See accompanying notes to the required supplementary information.
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102
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2019
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 OPEB INFORMATION
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75 to pay
related benefits. There are no factors that affect trends in the amounts reported.
Note C PENSION INFORMATION
PERA – General Employees Retirement Fund
2019 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2017 to MP-2018
Changes in the Plan Provisions:
- The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to
$21.0 million per year. The State’s special funding contribution was changed prospectively, requiring
$16.0 million due per year through 2031.
-
2018 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2015 to MP-2017.
- The assumed benefit increase was changed from 1.0% per year through 2044 and 2.50% per year
thereafter to 1.25% per year.
2017 Changes
Changes in Actuarial Assumptions:
- The Combined Service Annuity (CSA) loads were changed from 0.8% for active members and 60%
for vested and non-vested deferred members. The revised CSA loads are now 0.0% for active member
liability, 15.0% for vested deferred member liability and 3.0% for non-vested deferred member
liability.
- The assumed post-retirement benefit increase rate was changed from 1.0% per year for all years to
1.0% per year through 2044 and 2.5% per year thereafter.
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%.
103
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2019
- 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
2019 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2017 to MP-2018
2018 Changes
Changes in Actuarial Assumptions:
- The mortality projection scale was changed from MP-2016 to MP-2017.
2017 Changes
Changes in Actuarial Assumptions:
- The single discount rate was changed from 5.6% to 7.5%.
- Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The
net effect is proposed rates that average 0.34% lower than the previous rates.
- Assumed rates of retirement were changed, resulting in fewer retirements.
- The Combined Service Annuity (CSA) load was 30% for vested and non-vested deferred members.
The CSA has been changed to 33% for vested members and 2% for non-vested members.
- The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table
to the RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor
of 0.96. The mortality improvement scale was changed from Scale AA to Scale MP-2016. The base
mortality table for disabled annuitants was changed from the RP-2000 disabled mortality table to the
mortality tables assumed for healthy retirees.
- Assumed termination rates were decreased to 3.0% for the first three years of service. Rates beyond
the select period of three years were adjusted, resulting in more expected terminations overall.
- Assumed percentage of married female members was decreased from 65% to 60%.
- Assumed age difference was changed from separate assumptions for male members (wives assumed to
be three years younger) and female members (husbands assumed to be four years older) to the
assumption that males are two years older than females.
- The assumed percentage of female members electing Joint and Survivor annuities was increased.
- The assumed post-retirement benefit increase rate was changed from 1.00% for all years to 1.00% per
year through 2064 and 2.50% thereafter.
104
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2019
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
2017 Changes
Changes in Actuarial Assumptions:
- The assumed investment return was changed from 6.00% to 5.75%. The single discount rate was
changed from 6.00% to 5.75%.
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%.
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106
COMBINING AND INDIVIDUAL NONMAJOR FUND FINANCIAL
STATEMENTS AND SCHEDULES
107
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108
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources that
are legally restricted to expenditures for specified purposes.
DEBT SERVICE FUNDS
Debt Service Funds are used to account for the accumulation of resources for, and
payment of, interest, principal and related costs on long-term debt.
CAPITAL PROJECT FUNDS
Capital Project Funds account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
Proprietary Funds).
109
CITY OF ST. ANTHONY, MINNESOTA
COMBINING BALANCE SHEET Statement 17
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2019
With Comparative Totals For December 31, 2018
Special Debt Capital
Revenue Service Project 2019 2018
Assets
Cash and investments $117,694 $1,059,540 $1,382,423 $2,559,657 $2,422,152
Due from other governmental units - - 2,636 2,636 171,470
Accounts receivable - net 23,749 - 2,050 25,799 733
Property taxes receivable:
Delinquent 2,638 3,582 1,964 8,184 7,363
Due from county 757 2,494 1,615 4,866 10,168
Prepaid items 1,247 - - 1,247 2,992
Loans receivable 21,493 - - 21,493 32,674
Special assessments receivable - - 7,934 7,934 13,373
Total assets $167,578 $1,065,616 $1,398,622 $2,631,816 $2,660,925
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $5,852 $ - $25,198 $31,050 $184,224
Due to other governmental units - - 62,798 62,798 30
Salaries payable 2,924 - - 2,924 2,349
Contracts payable - - 5,772 5,772 148,419
Interfund paayble 28,650 - 99,943 128,593 -
Interfund loan payable - - 28,100 28,100 33,720
Total liabilities 37,426 0 221,811 259,237 368,742
Deferred inflows of resources:
Unavailable revenue 2,638 3,582 9,898 16,118 20,736
Fund balance (deficit):
Nonspendable 1,247 - - 1,247 2,992
Restricted 39,505 1,062,034 - 1,101,539 1,111,327
Committed 102,948 - - 102,948 124,214
Assigned 15,069 - 1,309,403 1,324,472 1,135,817
Unassigned (31,255) - (142,490) (173,745) (102,903)
Total fund balance (deficit)127,514 1,062,034 1,166,913 2,356,461 2,271,447
Total liabilities, deferred inflows of
resources, and fund balance $167,578 $1,065,616 $1,398,622 $2,631,816 $2,660,925
Total Nonmajor
Governmental Funds
110
CITY OF ST. ANTHONY, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 18
CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
Special Debt Capital
Revenue Service Project 2019 2018
Revenues:
General property taxes $167,476 $556,585 $331,006 $1,055,067 $1,040,176
Intergovernmental 16,931 - 3,551 20,482 41,966
Special assessments - - 6,177 6,177 2,971
Charges for services 131,807 - - 131,807 134,299
Fines and forfeits 11,205 - - 11,205 12,964
Investment income 2,810 22,225 41,982 67,017 34,284
Contributions and donations - - 1,050 1,050 600
Refunds and reimbursements 857 - 23,434 24,291 137,245
Miscellaneous - - 304 304 -
Total revenues 331,086 578,810 407,504 1,317,400 1,404,505
Expenditures:
Current:
General government 25,386 - 112,296 137,682 30,358
Public safety 3,331 - 7,103 10,434 241,572
Public works - - 60,700 60,700 255,659
Parks and recreation 181,159 - 24,952 206,111 168,575
Housing and redevelopment 161,012 - - 161,012 148,966
Capital outlay:
General government - - - - 102,507
Public safety - - - - 603,056
Public works - - 124,514 124,514 35,906
Parks and recreation - - 28,817 28,817 10,705
Debt service:
Principal - 565,000 - 565,000 505,000
Interest - 91,665 1,773 93,438 117,107
Paying agent fees - 1,532 - 1,532 1,489
Total expenditures 370,888 658,197 360,155 1,389,240 2,220,900
Revenues over (under) expenditures (39,802) (79,387) 47,349 (71,840) (816,395)
Other financing sources:
Sale of capital assets - - 23,050 23,050 64,754
Transfers in 94,694 61,235 436,304 592,233 339,250
Transfers out (94,694) - (363,735) (458,429) (517,065)
Total other financing sources 0 61,235 95,619 156,854 (113,061)
Net change in fund balance (39,802) (18,152) 142,968 85,014 (929,456)
Fund balance - January 1 167,316 1,080,186 1,023,945 2,271,447 3,200,903
Fund balance - December 31 $127,514 $1,062,034 $1,166,913 $2,356,461 $2,271,447
Total Nonmajor
Governmental Funds
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112
NONMAJOR GOVERNMENTAL FUNDS
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114
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.
115
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2019
With Comparative Totals For December 31, 2018
Community Center
Fund Police Forfeiture Fund
Assets
Cash and investments $ - $46,294
Accounts receivable - net 20,532 -
Property taxes receivable:
Delinquent - -
Due from county - -
Prepaid items 1,093 -
Loans receivable - -
Total assets $21,625 $46,294
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $5,060 $ -
Due to other governmental units - -
Salaries payable 363 -
Interfund payable 28,650 -
Total liabilities 34,073 0
Deferred inflows of resources:
Unavailable revenue - -
Fund balance (deficit):
Nonspendable 1,093 -
Restricted - 35,584
Committed - -
Assigned - 10,710
Unassigned (13,541) -
Total fund balance (deficit)(12,448)46,294
Total liabilities, deferred inflows of
resources, and fund balance $21,625 $46,294
116
Statement 19
Recycling Fund HRA Fund
Fire Education /
Training Fund
2019 2018
$15,261 $48,815 $7,324 $117,694 $142,369
- 3,217 - 23,749 733
- 2,638 - 2,638 1,173
- 757 - 757 1,580
- 154 - 1,247 2,992
- 21,493 - 21,493 32,674
$15,261 $77,074 $7,324 $167,578 $181,521
$ - $792 $ - $5,852 $10,653
- - - - 30
- 2,561 - 2,924 2,349
- - - 28,650 -
0 3,353 0 37,426 13,032
- 2,638 - 2,638 1,173
- 154 - 1,247 2,992
- - 3,921 39,505 31,141
14,305 88,643 - 102,948 124,214
956 - 3,403 15,069 28,695
- (17,714) - (31,255)(19,726)
15,261 71,083 7,324 127,514 167,316
$15,261 $77,074 $7,324 $167,578 $181,521
Total Nonmajor Special Revenue Funds
117
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, 2019
With Comparative Totals For The Year Ended December 31, 2018
Community Center
Fund
Police Forfeiture
Fund
Revenues:
General property taxes $ - $ -
Intergovernmental - -
Charges for services:
Administrative fees - -
Rental receipts 127,300 -
Fines and forfeits - 11,205
Investment income 432 1,436
Refunds and reimbursements - -
Total revenues 127,732 12,641
Expenditures:
Current:
General government - -
Public safety - 3,171
Parks and recreation 181,159 -
Housing and redevelopment - -
Total expenditures 181,159 3,171
Revenues over (under) expenditures (53,427)9,470
Other financing sources (uses):
Transfers in 94,694 -
Transfers out (94,694) -
Total other financing sources (uses)0 0
Net change in fund balance (53,427)9,470
Fund balance (deficit) - January 1 40,979 36,824
Fund balance (deficit) - December 31 ($12,448)$46,294
118
Statement 20
Recycling Fund HRA Fund
Fire Education /
Training Fund
2019 2018
$ - $167,476 $ - $167,476 $162,543
16,931 - - 16,931 16,150
4,017 - 490 4,507 6,999
- - - 127,300 127,300
- - - 11,205 12,964
571 121 250 2,810 1,614
- 857 - 857 1,131
21,519 168,454 740 331,086 328,701
25,386 - - 25,386 21,873
- - 160 3,331 8,405
- - - 181,159 140,284
- 161,012 - 161,012 148,966
25,386 161,012 160 370,888 319,528
(3,867) 7,442 580 (39,802) 9,173
- - - 94,694 90,185
- - - (94,694) (90,185)
00000
(3,867) 7,442 580 (39,802) 9,173
19,128 63,641 6,744 167,316 158,143
$15,261 $71,083 $7,324 $127,514 $167,316
Total Nonmajor Special Revenue Funds
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120
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.
Equipment Certificates Fund (402) was established to account for the debt service
related to the 2018 purchase of a fire engine.
HSIP Tax Abatement Fund (536) was established to account for debt service for
sidewalks and signal light improvements.
121
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 21
NONMAJOR DEBT SERVICE FUNDS
December 31, 2019
With Comparative Totals For December 31, 2018
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
2019 2018
Assets
Cash and investments $597,841 $266,070 $58,042 $137,587 $1,059,540 $1,074,590
Property taxes receivable:
Delinquent 2,198 780 - 604 3,582 4,260
Due from county 1,488 514 - 492 2,494 5,596
Total assets $601,527 $267,364 $58,042 $138,683 $1,065,616 $1,084,446
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $ - $ - $ -
Deferred inflows of resources:
Unavailable revenue 2,198 780 - 604 3,582 4,260
Fund balance:
Restricted 599,329 266,584 58,042 138,079 1,062,034 1,080,186
Total liabilities, deferred inflows
of resources, and fund balance $601,527 $267,364 $58,042 $138,683 $1,065,616 $1,084,446
Total Nonmajor Debt Service Funds
122
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 22
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
2019 2018
Revenues:
General property taxes $337,565 $118,025 $ - $100,995 $556,585 $572,210
Investment income 12,963 6,566 242 2,454 22,225 10,218
Total revenues 350,528 124,591 242 103,449 578,810 582,428
Expenditures:
Debt service:
Principal 335,000 95,000 50,000 85,000 565,000 505,000
Interest 42,490 20,775 14,850 13,550 91,665 111,808
Paying agent fees 276 300 300 656 1,532 1,489
Total expenditures 377,766 116,075 65,150 99,206 658,197 618,297
Revenues over (under) expenditures (27,238)8,516 (64,908)4,243 (79,387) (35,869)
Other financing sources (uses):
Transfers in - - 61,235 - 61,235 68,880
Total other financing sources (uses)0 0 61,235 0 61,235 68,880
Net change in fund balance (27,238)8,516 (3,673)4,243 (18,152) 33,011
Fund balance - January 1 626,567 258,068 61,715 133,836 1,080,186 1,047,175
Fund balance - December 31 $599,329 $266,584 $58,042 $138,079 $1,062,034 $1,080,186
Total Nonmajor Debt Service Funds
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124
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.
125
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 23
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2019
With Comparative Totals For December 31, 2018
Revolving
Improvement
Park
Improvement
Capital
Equipment Fund
Building
Improvement
Fund
2019 2018
Assets
Cash and investments $ - $71,163 $801,506 $509,754 $1,382,423 $1,205,193
Due from other governmental units - - 2,636 - 2,636 171,470
Accounts receivable - net - - 2,050 - 2,050 -
Property taxes receivable:
Delinquent - - 1,503 461 1,964 1,930
Due from county - - 1,249 366 1,615 2,992
Special assessment receivable 7,934 - - - 7,934 13,373
Total assets $7,934 $71,163 $808,944 $510,581 $1,398,622 $1,394,958
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $8,675 $ - $16,523 $ - $25,198 $173,571
Due to other governmental units - - 62,798 - 62,798 -
Contracts payable 5,772 - - - 5,772 148,419
Interfund payable 99,943 - - - 99,943 -
Interfund loan payable 28,100 - - - 28,100 33,720
Total liabilities 142,490 0 79,321 0 221,811 355,710
Deferred inflows of resources:
Unavailable revenue 7,934 - 1,503 461 9,898 15,303
Fund balance (deficit):
Nonspendable - - - - - -
Assigned - 71,163 728,120 510,120 1,309,403 1,107,122
Unassigned (142,490) - - - (142,490) (83,177)
Total fund balance (deficit)(142,490) 71,163 728,120 510,120 1,166,913 1,023,945
Total liabilities, deferred inflows
of resources, and fund balance $7,934 $71,163 $808,944 $510,581 $1,398,622 $1,394,958
Total Nonmajor Capital Project
Funds
126
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 24
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2019
With Comparative Totals For The Year Ended December 31, 2018
Revolving
Improvement
Park
Improvement
Capital
Equipment Fund
Building
Improvement
Fund
2019 2018
Revenues:
General property taxes $ - $ - $254,233 $76,773 $331,006 $305,423
Intergovernmental - - 3,551 - 3,551 25,816
Special assessments 6,177 - - - 6,177 2,971
Investment income - 3,272 23,768 14,942 41,982 22,452
Contributions and donations - - 1,050 - 1,050 600
Refunds and reimbursements 23,434 - - - 23,434 136,114
Miscellaneous - - 304 - 304 -
Total revenues 29,611 3,272 282,906 91,715 407,504 493,376
Expenditures:
General government:
Materials and supplies - - 112,296 - 112,296 8,485
Capital outlay - - - - - 102,507
Public safety:
Other services and charges - - 7,103 - 7,103 233,167
Capital outlay - - - - - 603,056
Public works:
Materials and supplies - - - 24,439 24,439 12,959
Contractual services 36,261 - - - 36,261 242,700
Capital outlay - - 124,514 - 124,514 35,906
Parks and recreation:
Materials and supplies - 24,952 - - 24,952 19,466
Other services and charges - - - - - 8,825
Capital outlay - 28,817 - - 28,817 10,705
Debt service:
Interest 1,773 - - - 1,773 5,299
Total expenditures 38,034 53,769 243,913 24,439 360,155 1,283,075
Revenues over (under) expenditures (8,423) (50,497) 38,993 67,276 47,349 (789,699)
Other financing sources (uses):
Sale of capital assets - - 23,050 - 23,050 64,754
Transfers in 251,610 - 90,000 94,694 436,304 180,185
Transfers out (302,500) - (61,235) - (363,735) (426,880)
Total other financing sources (uses)(50,890)0 51,815 94,694 95,619 (181,941)
Net change in fund balance (59,313) (50,497) 90,808 161,970 142,968 (971,640)
Fund balance (deficit) - January 1 (83,177) 121,660 637,312 348,150 1,023,945 1,995,585
Fund balance (deficit) - December 31 ($142,490) $71,163 $728,120 $510,120 $1,166,913 $1,023,945
Total Nonmajor Capital Project
Funds
127
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 601 COMMUNITY CENTER FUND Statement 25
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2019
With Comparative Actual Amounts For The Year Ended December 31, 2018
2018
Original Final Actual Actual
Revenues:
Charges for services:
Rental receipts $127,300 $127,300 $127,300 $127,300
Investment income 425 425 432 787
Total revenues 127,725 127,725 127,732 128,087
Expenditures:
Parks and recreation:
Current:
Personal services 45,171 44,796 45,409 43,006
Supplies 2,119 1,767 6,027 1,732
Contractual services 98,786 96,760 129,723 95,546
Total expenditures 146,076 143,323 181,159 140,284
Revenues over (under) expenditures (18,351) (15,598) (53,427) (12,197)
Other financing sources (uses):
Transfer in 94,694 94,694 94,694 90,185
Transfer out - - (94,694) (90,185)
Total other financing sources (uses)94,694 94,694 0 0
Net change in fund balance $76,343 $79,096 (53,427) (12,197)
Fund balance (deficit) - January 1 40,979 53,176
Fund balance (deficit) - December 31 ($12,448) $40,979
2019
Budgeted Amounts
128
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 230 POLICE FORFEITURE FUND Statement 26
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2019
With Comparative Actual Amounts For The Year Ended December 31, 2018
2018
Original Final Actual Actual
Revenues:
Forfeiture and confiscation $2,750 $2,750 $11,205 $12,964
Investment income 425 425 1,436 491
Total revenues 3,175 3,175 12,641 13,455
Expenditures:
Public safety:
Current:
Supplies 16,541 16,541 3,171 7,170
Other services and charges 4,000 4,000 - -
Total expenditures 20,541 20,541 3,171 7,170
Revenues over (under) expenditures ($17,366) ($17,366)9,470 6,285
Fund balance - January 1 36,824 30,539
Fund balance - December 31 $46,294 $36,824
2019
Budgeted Amounts
129
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 225 RECYCLING FUND Statement 27
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2019
With Comparative Actual Amounts For The Year Ended December 31, 2018
2018
Original Final Actual Actual
Revenues:
Intergovernmental:
Recycling grants $16,232 $16,232 $16,931 $16,150
Charges for services 4,025 4,025 4,017 4,282
Investment income 50 50 571 244
Total revenues 20,307 20,307 21,519 20,676
Expenditures:
General government:
Current:
Personal services 11,035 11,035 11,005 10,081
Other services and charges 13,584 13,584 14,381 11,792
Total expenditures 24,619 24,619 25,386 21,873
Revenues over (under) expenditures ($4,312) ($4,312) (3,867) (1,197)
Fund balance - January 1 19,128 20,325
Fund balance - December 31 $15,261 $19,128
2019
Budgeted Amounts
130
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 28
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2019
With Comparative Actual Amounts For The Year Ended December 31, 2018
2018
Original Final Actual Actual
Revenues:
General property taxes $170,254 $170,254 $167,476 $162,543
Refunds and reimbursements 500 500 857 1,131
Investment income 150 150 121 -
Total revenues 170,904 170,904 168,454 163,674
Expenditures:
Housing and redevelopment:
Current:
Personal services 123,476 123,476 123,149 117,269
Contractual services 29,100 29,100 37,863 31,697
Total expenditures 152,576 152,576 161,012 148,966
Revenues over expenditures $18,328 $18,328 7,442 14,708
Fund balance - January 1 63,641 48,933
Fund balance - December 31 $71,083 $63,641
2019
Budgeted Amounts
131
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 240 FIRE EDUCATION / TRAINING FUND Statement 29
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2019
With Comparative Actual Amounts For The Year Ended December 31, 2018
2018
Original Final Actual Actual
Revenues:
Charges for services $2,500 $2,500 $490 $2,717
Investment income - - 250 92
Miscellaneous 25 25 - -
Total revenues 2,525 2,525 740 2,809
Expenditures:
Public safety:
Current:
Personal services 1,000 1,000 160 600
Materials and supplies 850 850 - 635
Total expenditures 1,850 1,850 160 1,235
Revenues over expenditures $675 $675 580 1,574
Fund balance - January 1 6,744 5,170
Fund balance - December 31 $7,324 $6,744
2019
Budgeted Amounts
132
SUPPLEMENTARY FINANCIAL INFORMATION
133
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
STREET IMPROVEMENT DEBT SERVICE FUND
December 31, 2019
With Comparative Totals For December 31, 2017
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
2012 Street
Improvement
Bond Fund
Assets
Cash and investments $1,293,501 $168,931 $140,562 $52,937 $60,632 $382,353
Due from other governmental units - - - - - -
Property taxes receivable:
Delinquent 3,045 963 1,021 615 781 799
Due from county 1,566 645 879 577 556 549
Special assessments receivable 61,205 - 69,404 20,230 58,804 180,448
Total assets $1,359,317 $170,539 $211,866 $74,359 $120,773 $564,149
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Deposits payable $ - $ - $ - $ - $ - $ -
Deferred inflows of resources:
Unavailable revenue 64,250 963 70,133 20,845 59,585 181,247
Fund balance:
Restricted 1,295,067 169,576 141,733 53,514 61,188 382,902
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$1,359,317 $170,539 $211,866 $74,359 $120,773 $564,149
134
Exhibit 1
2013 Street
Improvement
Bond Fund
2014 Street
Improvement
Bond Fund
2015 Street
Improvement
Bond Fund
2016 Street
Improvement
Bond Fund
2017 Street
Improvement
Bond Fund
2018 Street
Improvement
Bond Fund
2019 Street
Improvement
Bond Fund
2019 2018
$275,960 $216,117 $368,746 $285,689 $440,838 $390,473 $21,092 $4,097,831 $4,448,108
- - - - - - - - 25,000
498 896 874 614 1,031 772 - 11,909 13,679
395 685 619 925 997 1,306 - 9,699 19,353
102,453 131,411 219,440 77,669 274,170 353,645 - 1,548,879 1,869,543
$379,306 $349,109 $589,679 $364,897 $717,036 $746,196 $21,092 $5,668,318 $6,375,683
$ - $ - $3,257 $ - $ - $ - $ - $3,257 $3,127
102,951 132,307 220,314 78,283 275,201 285,878 - 1,491,957 1,895,923
276,355 216,802 366,108 286,614 441,835 460,318 21,092 4,173,104 4,476,633
$379,306 $349,109 $589,679 $364,897 $717,036 $746,196 $21,092 $5,668,318 $6,375,683
Street Improvement Debt Service Fund
135
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, 2019
With Comparative Totals For The Year Ended December 31, 2017
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
2012 Street
Improvement
Bond Fund
Revenues:
General property taxes $402,664 $147,274 $158,866 $95,010 $122,813 $123,539
Intergovernmental - - - - - -
Special assessments 38,236 - 15,599 3,635 13,608 33,841
Investment income 30,262 2,254 380 521 2,300 9,270
Miscellaneous - - - - - -
Total revenues 471,162 149,528 174,845 99,166 138,721 166,650
Expenditures:
Public works:
Professional service 132 27 339 213 238 1,276
Debt service:
Principal 770,000 140,000 150,000 815,000 1,270,000 140,000
Interest 42,484 20,025 33,600 25,780 43,769 34,512
Paying agent fees 5,664 656 119 900 475 95
Issuance costs - - - 15,840 21,450 -
Total expenditures 818,280 160,708 184,058 857,733 1,335,932 175,883
Revenues over (under) expenditures (347,118) (11,180) (9,213) (758,567) (1,197,211) (9,233)
Other financing sources (uses):
Bonds issued - - - - - -
Refunding bonds issued - - - 565,000 770,000 -
Premium on bonds issued - - - 54,841 82,024 -
Transfers in 140,500 7,000 18,000 18,000 18,000 18,000
Total other financing sources (uses) 140,500 7,000 18,000 637,841 870,024 18,000
Net change in fund balance (206,618) (4,180) 8,787 (120,726) (327,187)8,767
Fund balance - January 1 1,501,685 173,756 132,946 174,240 388,375 374,135
Fund balance - December 31 $1,295,067 $169,576 $141,733 $53,514 $61,188 $382,902
136
Exhibit 2
2013 Street
Improvement
Bond Fund
2014 Street
Improvement
Bond Fund
2015 Street
Improvement
Bond Fund
2016 Street
Improvement
Bond Fund
2017 Street
Improvement
Bond Fund
2018 Street
Improvement
Bond Fund
2019 Street
Improvement
Bond Fund
2019 2018
$82,213 $144,197 $137,232 $103,126 $188,857 $177,751 $ - $1,883,542 $1,833,144
- - - - 57,114 - - 57,114 -
15,895 28,468 29,638 120,656 34,099 121,719 - 455,394 588,400
7,459 3,453 9,006 7,154 8,769 8,849 184 89,861 40,405
- - - - - - - - 475
105,567 176,118 175,876 230,936 288,839 308,319 184 2,485,911 2,462,424
1,231 1,269 1,431 1,206 1,803 925 - 10,090 2,586
115,000 130,000 160,000 90,000 145,000 - - 3,925,000 1,985,000
25,285 45,230 51,713 28,638 75,825 110,544 - 537,405 495,303
- 475 475 - 119 - - 8,978 4,056
- - - 475 - 475 - 38,240 450
141,516 176,974 213,619 120,319 222,747 111,944 0 4,519,713 2,487,395
(35,949)(856) (37,743) 110,617 66,092 196,375 184 (2,033,802) (24,971)
- - - - - - 20,908 20,908 64,907
- - - - - - - 1,335,000 -
- - - - - - - 136,865 -
- 9,000 9,000 - - - - 237,500 366,596
0 9,000 9,000 0 0 0 20,908 1,730,273 431,503
(35,949)8,144 (28,743) 110,617 66,092 196,375 21,092 (303,529) 406,532
312,304 208,658 394,851 175,997 375,743 263,943 - 4,476,633 4,070,101
$276,355 $216,802 $366,108 $286,614 $441,835 $460,318 $21,092 $4,173,104 $4,476,633
Street Improvement Debt Service
Fund
137
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 3
HRA TIF DEBT SERVICE FUND
December 31, 2019
With Comparative Totals For December 31, 2018
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2019 2018
Assets
Cash and investments $3,567 $2,659 $6,226 $7,537
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $ -
Fund balance:
Restricted 3,567 2,659 6,226 7,537
Total liabilities and fund balance $3,567 $2,659 $6,226 $7,537
HRA TIF Debt Service Fund Totals
138
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, 2019
With Comparative Totals For The Year Ended December 31, 2018
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2019 2018
Revenues:
Investment income $ - $ - $ - $ -
Total revenues 0 0 0 0
Expenditures:
Debt service:
Principal 230,000 190,000 420,000 405,000
Interest 87,362 86,625 173,987 182,238
Paying agent fees 656 656 1,312 1,502
Total expenditures 318,018 277,281 595,299 588,740
Revenues over (under) expenditures (318,018) (277,281)(595,299)(588,740)
Other financing sources (uses):
Transfers in 317,363 276,625 593,988 587,237
Net change in fund balance (655)(656)(1,311)(1,503)
Fund balance - January 1 4,222 3,315 7,537 9,040
Fund balance - December 31 $3,567 $2,659 $6,226 $7,537
HRA TIF Debt Service Fund Totals
139
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 5
HRA TIF IMPROVEMENTS FUND
December 31, 2019
With Comparative Totals For December 31, 2018
Chandler Apache Apache
Place (Walmart) (Cub Foods)Eliminations
2019 2018
Assets
Cash and investments $146,904 $1,529,675 $386,184 $ - $2,062,763 $1,450,168
Accounts receivable - net - 8,050 - 8,050 -
Property taxes receivable:
Delinquent - 12,706 - - 12,706 46,028
Due from county - 72,264 - - 72,264 18,995
Prepaid expenses - 204 - - 204 94,695
Interfund loan receivable 646,850 - 722,566 (1,369,416) - -
Land held for resale - 370,356 - - 370,356 -
Total assets $793,754 $1,993,255 $1,108,750 ($1,369,416) $2,526,343 $1,609,886
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $369,995 $ - $ - $369,995 $8,411
Contracts payable - - 6,987 - 6,987 20,188
Interfund loans payable - 2,328,742 - (1,369,416) 959,326 959,326
Total liabilities 0 2,698,737 6,987 (1,369,416) 1,336,308 987,925
Deferred inflows of resources:
Unavailable revenue - 12,706 - - 12,706 46,028
Fund balance (deficit):
Nonspendable - 204 - - 204 94,695
Restricted 793,754 - 1,101,763 - 1,895,517 1,871,386
Unassigned - (718,392) - - (718,392) (1,390,148)
Total fund balance (deficit)793,754 (718,188) 1,101,763 0 1,177,329 575,933
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $793,754 $1,993,255 $1,108,750 ($1,369,416) $2,526,343 $1,609,886
Tax Increment Financing Districts
Improvements Total
HRA TIF
140
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, 2019
With Comparative Totals For The Year Ended December 31, 2018
Chandler Apache Apache
Place (Walmart) (Cub Foods)
2019 2018
Revenues:
Tax increment collections $ - $2,093,697 $ - $2,093,697 $1,861,251
Investment income 30,271 33,763 42,366 106,400 71,963
Refunds and reimbursements - 69,327 - 69,327 -
Total revenues 30,271 2,196,787 42,366 2,269,424 1,933,214
Expenditures:
General government - 124,713 - 124,713 23,303
Housing and redevelopment 3,681 - 4,317 7,998 11,289
Debt service:
Interest - 93,150 - 93,150 93,150
Construction/acquisition costs - - 35,588 35,588 25,924
Developer incentives - 804,391 - 804,391 1,029,217
Total expenditures 3,681 1,022,254 39,905 1,065,840 1,182,883
Revenues over expenditures 26,590 1,174,533 2,461 1,203,584 750,331
Other financing sources (uses):
Transfers out (1,640) (597,268) (3,280) (602,188) (595,107)
Net change in fund balance 24,950 577,265 (819) 601,396 155,224
Fund balance (deficit) - January 1 768,804 (1,295,453) 1,102,582 575,933 420,709
Fund balance (deficit) - December 31 $793,754 ($718,188) $1,101,763 $1,177,329 $575,933
Tax Increment Financing Districts
Improvements Total
HRA TIF
141
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 7
STREET IMPROVEMENT PROJECT FUND
December 31, 2019
With Comparative Totals For December 31, 2018
2016 Street
Improvement
Project Fund
2018 Street
Improvement
Project Fund
2019 Street
Improvement
Project Fund
2020 Street
Improvement
Project Fund
2021 Street
Improvement
Project Fund
2019 2018
Assets
Cash and investments $3,997 $188,978 $182,445 ($178,290) ($18,147) $178,983 $841,228
Accrued interest - - - - - - 4,506
Due from other governmental units 68,673 - 602,785 - - 671,458 88,331
Accounts receivable - net - 527 248 - - 775 -
Total assets $72,670 $189,505 $785,478 ($178,290) ($18,147) $851,216 $934,065
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $ - $166 $45,376 $ - $45,542 $122,971
Contracts payable - 76,470 370,960 - - 447,430 337,282
Interfund payable - - - - - - 93,921
Total liabilities 0 76,470 371,126 45,376 0 492,972 554,174
Fund balance (deficit):
Assigned 72,670 113,035 414,352 (223,666) (18,147) 358,244 379,891
Total liabilities and fund balance $72,670 $189,505 $785,478 ($178,290) ($18,147) $851,216 $934,065
Total Street Improvement
Project Fund
142
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, 2019
With Comparative Totals For The Year Ended December 31, 2018
2016 Street
Improvement
Project Fund
2018 Street
Improvement
Project Fund
2019 Street
Improvement
Project Fund
2020 Street
Improvement
Project Fund
2021 Street
Improvement
Project Fund
2019 2018
Revenues:
Intergovernmental $ - $45,492 $476,109 $ - $ - $521,601 $68,602
Special assessments - - - - - - 64,990
Investment income 186 13,272 2,528 - - 15,986 24,924
Contributions and donations - - - - - - 11,573
Refunds and reimbursements 6,683 - 121,769 - - 128,452 7,152
Miscellaneous 6,751 - - - - 6,751 7,500
Total revenues 13,620 58,764 600,406 0 0 672,790 184,741
Expenditures:
Current:
General government: - - - - - - 9,156
Debt service:
Issuance costs - - 33,142 - - 33,142 63,123
Construction/acquisition costs 211 455,496 1,268,254 210,477 - 1,934,438 2,605,242
Total expenditures 211 455,496 1,301,396 210,477 0 1,967,580 2,677,521
Revenues over (under) expenditures 13,409 (396,732) (700,990) (210,477)0 (1,294,790) (2,492,780)
Other financing sources (uses):
Bonds issued - - 1,124,092 - - 1,124,092 2,545,093
Premium on bonds issued - - 89,051 - - 89,051 92,831
Transfers in 60,000 - - - - 60,000 226,794
Transfers out - - - - - - (103,596)
Total other financing sources (uses) 60,000 0 1,213,143 0 0 1,273,143 2,761,122
Net change in fund balance 73,409 (396,732) 512,153 (210,477)0 (21,647) 268,342
Fund balance (deficit) - January 1 (739) 509,767 (97,801) (13,189) (18,147) 379,891 111,549
Fund balance (deficit) - December 31 $72,670 $113,035 $414,352 ($223,666) ($18,147) $358,244 $379,891
Total Street Improvement
Project Fund
143
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, 2019
With Comparative Totals For The Year Ended December 31, 2018
Water/Water Plant Sewer 2019 2018
Operating revenues:
Charges for services $997,332 $1,209,509 $2,206,841 $2,121,689
Connection charges 1,750 1,700 3,450 51,200
Total operating revenues 999,082 1,211,209 2,210,291 2,172,889
Operating expenses:
Personal services 579,622 333,189 912,811 879,764
Supplies 240,619 9,749 250,368 256,513
Contracted services and other 104,389 33,439 137,828 168,643
Treatment charges (MCES) - 733,670 733,670 708,567
Other 172,823 23,304 196,127 206,020
Depreciation 505,366 107,969 613,335 578,149
Total operating expenses 1,602,819 1,241,320 2,844,139 2,797,656
Operating income (loss)($603,737) ($30,111) (633,848) (624,767)
Nonoperating revenues (expenses):
Investment income 56,952 24,620
Interest expense (11,059)(13,687)
Miscellaneous income 29,466 9,858
Total nonoperating revenues (expenses)75,359 20,791
Income (loss) before capital
contributions and transfers (558,489) (603,976)
Capital contributions and transfers:
Capital contributions 756,666 1,224,256
Transfers in - 49,967
Total capital contributions and transfers 756,666 1,274,223
Change in net position 198,177 670,247
Net position - January 1 16,669,114 15,998,867
Net position - December 31 $16,867,291 $16,669,114
Operations
Totals
144
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 Tables
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.
Tables 1-4
Revenue Capacity
These tables contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
Tables 5-8
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.
Tables 9-12
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.
Tables 13-14
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.
Tables 15-17
Sources: Unless otherwise noted, the information in these tables is derived from the
comprehensive financial reports for the relevant year.
145
CITY OF ST. ANTHONY, MINNESOTA
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2010 2011 2012
Governmental activities:
Net invested in capital assets $14,098,233 $15,334,754 $15,182,974
Restricted for:
Debt service 4,372,871 4,263,706 4,741,115
Redevelopment activity - - -
Pensions - - -
Public safety 34,320 16,281 21,521
Unrestricted (1,339,821) (6,358,682) (5,566,910)
Total governmental
activities net position $17,165,603 $13,256,059 $14,378,700
Business-type activities:
Net invested in capital assets $4,915,905 $4,767,233 $4,523,383
Restricted for:
Debt service 120,000 - -
Unrestricted 615,994 5,642,649 5,814,241
Total business-type
activities net position $5,651,899 $10,409,882 $10,337,624
Primary government:
Net invested in capital assets $19,014,138 $20,101,987 $19,706,357
Restricted for:
Debt service 4,492,871 4,263,706 4,741,115
Redevelopment activity - - -
Pensions - - -
Public safety 34,320 16,281 21,521
Unrestricted (723,827) (716,033) 247,331
Total primary government
net position $22,817,502 $23,665,941 $24,716,324
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
146
Table 1
2013 2014 2015 2016 2017 2018 2019
$16,217,013 $14,953,582 $10,604,121 $10,024,670 $10,274,946 $10,422,047 $9,746,635
3,347,895 5,717,140 6,147,172 6,282,913 6,537,390 7,097,594 6,339,750
- - 12,411 - - - -
- - - 197,073 219,561 200,075 177,502
21,528 23,471 19,283 25,634 23,865 31,141 39,505
(5,239,277) (9,513,189) (10,391,885) 1,689,042 (5,330,379) (5,776,551) (4,223,098)
$14,347,159 $11,181,004 $6,391,102 $18,219,332 $11,725,383 $11,974,306 $12,080,294
$5,605,845 $6,036,192 $12,143,158 $14,011,168 $22,151,578 $23,179,624 $24,525,702
- - - - - - -
5,965,067 5,570,360 5,649,685 3,171,781 3,529,653 3,483,257 3,569,879
$11,570,912 $11,606,552 $17,792,843 $17,182,949 $25,681,231 $26,662,881 $28,095,581
$21,822,858 $20,989,774 $22,747,279 $24,035,838 $32,426,524 $33,601,671 $34,272,337
3,347,895 5,717,140 6,147,172 6,282,913 6,537,390 7,097,594 6,339,750
- - 12,411 - - - -
- - - 197,073 219,561 200,075 177,502
21,528 23,471 19,283 25,634 23,865 31,141 39,505
725,790 (3,942,829) (4,742,200) 4,860,823 (1,800,726) (2,293,294)(653,219)
$25,918,071 $22,787,556 $24,183,945 $35,402,281 $37,406,614 $38,637,187 $40,175,875
Fiscal Year
147
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2010 2011 (1)2012
Expenses
Governmental activities:
General government $1,310,199 $1,052,821 $1,307,007
Public safety 2,898,043 2,971,316 2,971,275
Public works 1,841,083 1,834,066 2,671,918
Parks and recreation 440,858 457,822 377,689
Services to other cities 1,016,479 1,039,009 1,039,504
Housing and redevelopment 654,145 671,934 649,104
Interest on long-term debt 1,290,844 1,302,681 1,197,073
Total governmental
activities expenses 9,451,651 9,329,649 10,213,570
Business-type activities:
Liquor 6,360,985 6,537,271 6,618,975
Water 826,352 874,099 901,732
Water Filtration and Purification - 132,981 114,337
Sewer 956,635 944,097 1,041,085
Stormwater - - -
Total business-type
activities expenses 8,143,972 8,488,448 8,676,129
Total primary
government expenses $17,595,623 $17,818,097 $18,889,699
Program revenues
Governmental activities:
Charges for services:
Services to other cities $1,157,190 $1,180,334 $1,192,138
Other activities 817,062 803,397 1,067,084
Operating grants and contributions 475,411 454,841 447,554
Capital grants and contributions 992,511 839,137 1,566,565
Total governmental
activities program revenues 3,442,174 3,277,709 4,273,341
Business-type activities:
Charges for services:
Liquor 6,826,901 6,995,923 7,139,381
Water 785,642 798,240 957,824
Water filtration and purification - - -
Sewer 789,872 779,513 877,794
Stormwater - - -
Operating grants and contributions - - -
Capital grants and contributions - - -
Total business-type
activities program revenues 8,402,415 8,573,676 8,974,999
Total primary government
program revenues $11,844,589 $11,851,385 $13,248,340
Fiscal Year
148
Table 2
Page 1 of 2
2013 (2)2014 2015 2016 2017 2018 2019
$1,029,147 $1,116,100 $1,342,360 $1,319,451 $1,337,698 $1,234,274 $1,587,360
4,488,023 4,644,185 4,757,637 7,053,595 6,018,470 4,886,105 4,789,232
2,565,860 2,711,291 2,741,411 4,134,783 2,988,291 3,005,637 2,960,916
569,254 608,966 592,892 472,436 472,700 488,132 536,095
- - - - - - -
565,303 575,738 596,444 793,834 787,775 1,189,659 975,246
1,217,646 1,044,635 845,856 794,584 738,914 795,625 803,042
10,435,233 10,700,915 10,876,600 14,568,683 12,343,848 11,599,432 11,651,891
6,479,809 5,879,240 5,728,876 5,676,892 5,591,683 5,617,377 5,903,275
859,112 845,396 869,446 1,083,240 1,176,102 1,573,857 1,617,354
124,505 239,074 185,964 - - - -
1,019,421 1,069,876 1,051,261 1,048,937 1,144,273 1,243,591 1,253,102
- - - 191,655 244,135 249,911 308,786
8,482,847 8,033,586 7,835,547 8,000,724 8,156,193 8,684,736 9,082,517
$18,918,080 $18,734,501 $18,712,147 $22,569,407 $20,500,041 $20,284,168 $20,734,408
$ - $ - $ - $ - $ - $ - $ -
2,506,369 2,374,306 2,414,912 2,212,526 2,281,654 1,602,792 1,847,264
585,950 499,538 499,126 10,969,360 630,316 560,924 494,389
780,072 1,070,975 1,367,745 1,643,911 1,604,844 817,077 633,142
3,872,391 3,944,819 4,281,783 14,825,797 4,516,814 2,980,793 2,974,795
6,908,143 6,078,039 5,893,916 5,822,783 5,714,000 5,867,452 6,160,868
933,051 879,007 900,412 925,577 969,638 1,010,722 999,082
- - 45,655 - - - -
947,632 921,242 953,568 1,012,979 1,122,738 1,162,167 1,211,209
- - - 192,748 197,242 201,729 206,700
- - - 130,932 - - -
- - - 1,166,747 569,716 126,991 -
8,788,826 7,878,288 7,793,551 9,251,766 8,573,334 8,369,061 8,577,859
$12,661,217 $11,823,107 $12,075,334 $24,077,563 $13,090,148 $11,349,854 $11,552,654
Fiscal Year
149
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2010 2011 (1)2012
Net (expense) revenue:
Governmental activities ($6,009,477) ($6,051,940) ($5,940,229)
Business-type activities 258,443 85,228 298,870
Total primary government
net (expense) revenue (5,751,034) (5,966,712) (5,641,359)
General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes $4,750,440 $4,872,840 $5,408,188
Tax increment collections 1,807,388 1,746,766 1,335,674
Grants and contributions 22,827 24,673 10,639
Unrestricted investment earnings 224,693 6,803 55,206
Other 61,866 148,500 208,525
Gain on sale of capital assets - - 46,195
Transfers 478,000 595,200 610,000
Total governmental activities 7,345,214 7,394,782 7,674,427
Business-type activities:
Unrestricted investment earnings (336) 52,659 122,833
Other 3,454 3,976 17,569
Transfers (478,000) (595,200) (610,000)
Total business-type activities (474,882) (538,565) (469,598)
Total primary government $6,870,332 $6,856,217 $7,204,829
Change in net position:
Governmental activities $1,335,737 $1,342,842 $1,734,198
Business-type activities (216,439) (453,337) (170,728)
Total primary government $1,119,298 $889,505 $1,563,470
(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
150
Table 2
Page 2 of 2
2013 (2)2014 2015 2016 2017 2018 2019
($6,562,842) ($6,756,096) ($6,594,817) $257,114 ($7,827,034) ($8,618,639) ($8,677,096)
305,979 (155,298) (41,996) 1,251,042 417,141 (315,675) (504,658)
(6,256,863) (6,911,394) (6,636,813) 1,508,156 (7,409,893) (8,934,314) (9,181,754)
$5,703,707 $6,030,558 $5,893,900 $6,160,156 $6,577,570 $7,128,703 $7,477,523
1,405,872 1,131,896 1,121,627 1,455,090 1,530,093 1,870,589 2,060,375
26,384 461,964 516,015 530,110 535,422 559,437 561,062
25,914 189,441 146,023 254,396 234,572 286,519 492,834
389,785 104,113 172,913 1,207,375 407,269 225,774 15,468
- 33,204 7,653 7,151 34,775 48,529 -
(809,238) (17,982) (6,053,216) 1,956,838 (7,986,616) (1,251,989) (1,824,178)
6,742,424 7,933,194 1,804,915 11,571,116 1,333,085 8,867,562 8,783,084
51,593 111,512 86,407 31,097 21,812 32,771 83,886
66,478 61,444 88,664 64,805 72,713 12,565 29,294
809,238 17,982 6,053,216 (1,956,838) 7,986,616 1,251,989 1,824,178
927,309 190,938 6,228,287 (1,860,936) 8,081,141 1,297,325 1,937,358
$7,669,733 $8,124,132 $8,033,202 $9,710,180 $9,414,226 $10,164,887 $10,720,442
$179,582 $1,177,098 ($4,789,902) $11,828,230 ($6,493,949) $248,923 $105,988
1,233,288 35,640 6,186,291 (609,894) 8,498,282 981,650 1,432,700
$1,412,870 $1,212,738 $1,396,389 $11,218,336 $2,004,333 $1,230,573 $1,538,688
Fiscal Year
151
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2010 2011 2012
General Fund:
Reserved $57,430 $ - $ -
Unreserved 1,567,270 - -
Nonspendable - 55,271 68,481
Unassigned - 1,647,566 1,906,856
Total general fund $1,624,700 $1,702,837 $1,975,337
All other governmental funds:
Reserved $4,625,111 $ - $ -
Unreserved, reported in:
Special revenue funds 5,212,683 - -
Capital projects funds 243,408 - -
Nonspendable - 132 129
Restricted - 6,868,120 8,594,337
Committed - 210,953 222,184
Assigned - 763,667 1,344,529
Unassigned - (1,240,578) (1,473,482)
Total all other
governmental funds $10,081,202 $6,602,294 $8,687,697
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
152
Table 3
2013 2014 2015 2016 2017 2018 2019
$ - $ - $ - $ - $ - $ - $ -
- - - - - - -
74,049 91,136 107,412 115,482 119,651 126,304 101,105
2,074,490 2,384,345 2,338,600 2,204,185 2,280,463 2,381,460 2,489,685
$2,148,539 $2,475,481 $2,446,012 $2,319,667 $2,400,114 $2,507,764 $2,590,790
$ - $ - $ - $ - $ - $ - $ -
- - - - - - -
- - - - - - -
49 1,631 2,157 57,188 15,339 97,687 1,451
2,002,737 7,627,714 6,491,789 6,907,253 7,002,918 7,466,883 7,176,386
33,015 78,180 94,107 105,503 125,069 124,355 102,948
1,253,470 1,318,583 578,258 13,148,229 6,568,756 5,374,785 5,502,668
(175,561) (2,407,745) (2,062,163) (1,693,729) (1,452,918) (1,409,874) (892,137)
$3,113,710 $6,618,363 $5,104,148 $18,524,444 $12,259,164 $11,653,836 $11,891,316
Fiscal Year
153
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2010 2011 (1) 2012 2013 (2)
Revenues:
General property taxes $4,787,076 $4,877,268 $5,416,328 $5,657,416
Tax increment collections 1,911,678 1,708,873 1,364,881 1,398,000
Licenses, fees and permits 224,096 195,563 290,985 342,390
Intergovernmental 1,239,053 861,744 1,530,983 792,477
Special assessments 398,895 517,678 427,467 587,191
Charges for services 1,528,210 1,573,975 1,736,274 1,932,268
Cable franchise fees 92,786 96,608 101,403 104,089
Fines and forfeits 128,165 117,835 130,560 129,363
Investment income 224,598 6,792 55,201 24,197
Contributions and donations 2,834 610 2,778 16,134
Miscellaneous 708,181 148,500 194,052 375,719
Total revenues 11,245,572 10,105,446 11,250,912 11,359,244
Expenditures:
Current:
General government 1,170,630 883,478 1,059,361 836,190
Public safety 2,615,752 2,700,328 2,671,890 4,174,754
Public works 726,064 684,761 818,851 1,042,876
Parks and recreation 388,808 366,153 344,702 420,826
Services to other cities 1,016,479 1,039,009 1,039,504 -
Nondepartmental 6,940 22,283 160,513 56,117
Housing and redevelopment 183,513 227,921 240,097 150,070
Capital outlay:
General government - 12,661 46,588 8,157
Public safety 67,850 152,405 130,000 5,792
Public works 212,029 112,158 170,056 270,443
Parks and recreation - - - -
Debt service:
Principal retirement 4,255,000 3,120,000 4,255,000 4,245,000
Interest 1,392,608 1,271,549 1,299,266 1,308,344
Paying agent fees 8,763 11,582 18,811 16,387
Professional service 3,117 30,109 3,480 6,682
Issuance costs - 67,278 132,217 66,035
Construction/acquisition costs 2,420,767 1,953,923 2,253,448 1,618,986
Developer incentives 470,632 444,013 409,007 415,233
Total expenditures 14,938,952 13,099,611 15,052,791 14,641,892
Revenues over (under) expenditures (3,693,380)(2,994,165)(3,801,879)(3,282,648)
Other financing sources (uses):
Bonds issued 1,375,000 1,940,000 2,195,000 1,775,000
Refunding bonds issued - 3,225,000 7,300,000 -
Redemption of refunded bonds - (1,030,000) - -
Payment to refunded bond escrow agent - - (4,015,373) -
Premium on debt issued 402 105,598 190,221 42,080
Sale of capital assets 15,347 9,982 10,962 25,244
Transfers in 3,634,584 1,603,430 1,626,372 2,021,913
Transfers out (3,156,584)(1,008,230)(1,016,372)(1,482,913)
Total other financing
sources(uses)1,868,749 4,845,780 6,290,810 2,381,324
Net change in fund balance ($1,824,631)$1,851,615 $2,488,931 ($901,324)
Debt service as a percentage of
noncapital expenditures 46.1%40.4%44.6%43.6%
Debt service as percentage of total expenditures
37.8%33.5%36.9%37.9%
(1) In 2011 the Water Filtration and Purification fund was reclassified to the Water and Sewer Proprietary Fund.
(2) In 2013, services to other cities were reclassified to public safety expense.
Fiscal Year
154
Table 4
2014 2015 2016 2017 2018 2019
$6,053,119 $5,897,070 $6,161,036 $6,633,308 $7,107,947 $7,484,962
1,117,824 1,106,582 1,476,275 1,541,874 1,861,251 2,093,697
351,102 296,465 304,079 358,230 295,955 268,565
1,464,479 1,644,481 2,283,016 1,925,460 1,136,456 1,595,355
491,988 621,931 570,549 589,332 658,532 463,256
1,787,611 1,879,520 1,701,246 1,732,288 1,097,940 1,153,385
109,009 108,104 113,672 115,079 101,612 97,200
126,584 130,823 93,529 76,057 85,538 96,292
189,216 145,447 252,830 233,668 284,452 485,833
45,640 15,903 4,120 102,340 16,046 1,550
104,113 172,913 11,637,694 407,269 217,071 253,239
11,840,685 12,019,239 24,598,046 13,714,905 12,862,800 13,993,334
926,501 948,089 1,066,236 1,119,746 1,048,214 1,327,603
4,357,563 4,352,048 5,164,270 5,346,521 4,861,358 4,698,695
1,001,378 1,043,791 1,051,747 1,034,427 1,208,232 1,071,071
463,057 446,684 409,979 406,748 431,091 474,430
- - - - - -
59,265 40,139 38,421 45,095 61,262 78,233
143,863 119,294 156,312 132,437 160,255 169,010
38,826 168,176 8,201 - 102,507 -
283,189 150,645 256,053 111,041 603,056 -
53,143 67,831 134,590 320,470 331,854 136,764
49,464 - - - - 28,817
7,785,000 3,750,000 2,620,000 5,815,000 2,895,000 4,910,000
1,139,216 1,020,262 820,607 846,526 887,798 897,980
7,853 10,386 14,793 5,760 29,308 11,822
17,104 16,971 16,339 6,677 2,823 -
185,800 142,682 80,294 104,887 42,563 71,382
2,959,264 3,750,269 4,867,870 9,908,037 2,720,619 1,970,296
431,875 475,886 627,639 649,910 1,029,217 804,391
19,902,361 16,503,153 17,333,351 25,853,282 16,415,157 16,650,494
(8,061,676)(4,483,914)7,264,695 (12,138,377)(3,552,357)(2,657,160)
2,070,000 2,580,000 2,900,000 3,120,000 2,610,000 1,145,000
4,970,000 4,310,000 - 2,190,000 - 1,335,000
- - - - - -
- (4,332,935) - - - -
158,044 188,693 69,485 302,540 92,831 225,916
13,390 25,860 15,186 28,244 64,754 23,050
1,908,166 2,069,259 4,003,953 312,760 287,094 335,000
(1,514,667)(1,900,647)(959,368) - - (86,300)
7,604,933 2,940,230 6,029,256 5,953,544 3,054,679 2,977,666
($456,743)($1,543,684)$13,293,951 ($6,184,833)($497,678)$320,506
54.2%36.5%25.7%41.5%29.8%40.1%
44.8%28.9%19.8%25.8%23.0%34.9%
Fiscal Year
155
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
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%
2017 7,800,780 2,136,787 117,840 10,055,407 (751,642) 9,303,765 69.59% 906,848,000 1.11%
2018 8,225,455 2,301,748 121,376 10,648,579 (856,989) 9,791,590 70.02% 954,111,600 1.12%
2019 8,962,344 2,362,141 119,600 11,444,085 (1,027,837) 10,416,248 70.22% 1,023,687,200 1.12%
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* Includes tax increment tax capacity and net fiscal disparities impact.
156
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
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%
2017 69.59% 33.43% 11.69% 44.09% 158.80%
2018 70.02% 37.56% 11.07% 42.81% 161.45%
2019 70.22% 36.01% 10.63% 41.86% 158.73%
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*
157
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS Table 7
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 $700,330 1 6.12% 899,438 1 8.74%
St. Anthony Leased Housing 529,814 2 4.63% 364,550 2 3.54%
Assoc. I
Autumn Woods Partners LP 266,338 3 2.33% 205,800 3 2.00%
L/L Equinox Associates LLC 260,974 4 2.28% 179,550 4 1.74%
St. Anthony Leased Housing 164,344 5 1.44%
Assoc. II
St. Anthony Shopping Center 163,330 6 1.43% 98,252 6 0.95%
Xcel Energy 135,732 7 1.19%
Autumn Woods III LLC 127,850 8 1.12%
Landau - 3925 Pleasant LLC 102,873 9 0.90% 82,808 8 0.80%
Chandler Place LP 100,313 10 0.88% 82,329 10 0.80%
Northern Gopher Enterprises Inc 105,345 5 1.02%
LG Anderson LLC/Apache Medical 89,250 7 0.87%
St. Anthony Nursing Home LP 82,449 9 0.80%
Total $2,551,898 22.32% $2,189,771 21.26%
Total All Property $11,444,085 $10,289,761
Source: Official Statements for the City of St. Anthony
20102019
158
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
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%41,702 4,751,960 99.80%
2012 5,223,089 5,157,341 98.74%39,080 5,196,421 99.49%
2013 5,426,789 5,345,759 98.51%23,300 5,369,059 98.94%
2014 5,633,007 5,564,141 98.78%(41,193) 5,522,949 98.05%
2015 5,831,737 5,733,450 98.31%(11,884) 5,721,566 98.11%
2016 6,050,812 5,974,249 98.73%17,807 5,992,056 99.03%
2017 6,450,785 6,400,683 99.22%1,464 6,402,147 99.25%
2018 6,850,011 6,801,704 99.29%(17,002) 6,784,702 99.05%
2019 7,311,453 7,226,085 98.83%
(1) Net of Market Value Homestead Credit which was subject to State unallotments or other reductions.
Sources: St. Anthony Finance Department
Not Available
Fiscal Year of the Levy
Collected Within The
Total Collections to Date
159
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 Reconstruction Increment Revenue Revenue G.O. Fannie Governmental
Year Bonds Bonds Bonds Bonds Bonds Bonds Mae Loan Activities
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
2017 18,920,000 1,035,000 7,065,000 2,510,000 - 1,640,000 - 31,170,000
2018 19,685,000 895,000 6,660,000 2,185,000 - 1,460,000 - 30,885,000
2019 18,330,000 755,000 6,240,000 1,850,000 - 1,280,000 - 28,455,000
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
160
Table 9
Sewer/
Water
Percentage Sewer/ Liquor Total Bonds Total Percentage
of Adjusted Water Revenue Business-Type Per Primary of Personal Per
Tax Capacity Bonds Bonds Activities Customer Government Income Capita*
381.75% $1,730,000 $95,000 $1,825,000 $752 $35,035,000 11.75% $4,037
412.57% 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
395.58% 1,215,000 - 1,215,000 528 32,610,000 9.41% 3,532
357.63% 1,100,000 - 1,100,000 478 32,775,000 9.37% 3,533
335.03% 975,000 - 975,000 424 32,145,000 8.59% 3,494
315.42% 845,000 - 845,000 367 31,730,000 8.12% 3,500
273.18% 715,000 - 715,000 311 29,170,000 Not Available
Business-Type Activities
161
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162
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Table 10
As of December 31, 2019
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282 $30,205,000 85.7350% $25,896,257
Counties:
Hennepin 1,058,135,000 0.3715% 3,930,972
Ramsey 146,685,000 0.4894% 717,876
Other:
Metropolitan Council 240,785,000 0.2440% 587,515
Three Rivers Park District 53,385,000 0.5280% 281,873
Subtotal - overlapping debt 31,414,493
City direct debt (2)28,455,000
Total direct and overlapping debt $59,869,493
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.
163
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
2010 2011 2012
Debt limit $23,262,423 $22,184,277 $21,518,115
Total net debt applicable to limit 5,059,006 4,708,301 4,902,237
Legal debt margin $18,203,417 $17,475,976 $16,615,878
Total net debt applicable to the limit as a
percentage of debt limit 21.75% 21.22% 22.78%
Source: Market Value - Hennepin County and Ramsey County, Minnesota Assessor's Offices
Legal Debt Margin Calculation for Fiscal Year 2019
164
Table 11
$1,023,687,200
30,710,616
3,075,000
(824,814)
2,250,186
$28,460,430
2013 2014 2015 2016 2017 2018 2019
$20,237,210 $20,226,682 $21,500,127 $24,651,217 $26,027,076 $27,507,354 $30,710,616
4,450,131 4,031,063 3,615,981 3,176,798 3,244,392 2,742,846 2,250,186
$15,787,079 $16,195,619 $17,884,147 $21,474,419 $22,782,684 $24,764,508 $28,460,430
21.99% 19.93% 16.82% 12.89% 12.47%9.97%7.33%
Legal Debt Margin Calculation for Fiscal Year 2019
165
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
2010 $150,431.00 - $150,431.00 $130,000.00 $28,575.00 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 - - - - - -
2017 - - - - - -
2018 - - - - - -
2019 - - - - - -
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
166
Table 12
Page 1 of 2
Utility Less Net
Service Operating Available
Charges Expenses Revenue Principal Interest Coverage
$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%
2,092,376 1,925,773 166,603 125,000 19,708 115%
2,172,889 2,219,507 (46,618) 130,000 18,200 (31%)
2,210,291 2,230,804 (20,513) 130,000 15,600 (14%)
Water and Sewer Revenue Bonds
Debt Service
167
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
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
2017 1,359,067 1,141,171 217,896 - - N/A
2018 1,522,688 1,196,467 326,221 - - N/A
2019 1,546,023 1,201,192 344,831 - - 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
168
Table 12
Page 2 of 2
Special Tax
Assessment Increment
Collections Principal Interest Coverage Collections Principal Interest Coverage
$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%
589,332 5,430,000 557,511 10% 1,541,874 385,000 190,038 268%
658,532 2,490,000 607,109 21% 1,861,251 405,000 182,238 317%
463,256 2,620,000 629,069 14% 2,093,697 420,000 173,988 352%
Debt Service
Tax Increment BondsImprovement Bonds
Debt Service
169
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)
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 9,234 333,684,413 36,136 3.30%
2016 9,277 338,053,880 36,440 3.40%
2017 9,200 362,710,000 39,425 3.10%
2018 9,067 380,152,109 41,927 2.50%
2019 Not Available 2.60%
Sources:
(1) Metropolitan Council Estimates for St. Anthony
(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
170
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) 370 1 225 4
Cub Foods 250 2 250 2
St. Anthony Health Center/Chandler Place 199 3 293 1
B&F Fastener Supply 100 4 - -
City of St. Anthony 99 5 132 5
St. Charles Borromeo Parish 92 6 - -
Happy's Potato Chip Company 55 7 50 8
Marshall Manufactruing 54 8 40 9
Village Pub 35 9 - -
North Memoral - Silver Lake Clinic 32 10 - -
Wal-Mart - - 249 3
Triangle Industries - - 80 6
Industrial Custom Products - - 50 7
Culver's - - 37 10
Total 1,286 1,406
Source: Official Statements for the City of St. Anthony
20102019
171
CITY OF ST. ANTHONY, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2010 2011 2012 2013
General government:
Administration 3.00 3.00 2.00 2.00
Finance 4.75 4.50 4.25 4.25
Police:
Officers 23.00 23.00 23.00 23.00
Support staff 2.50 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 5.00 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 2.00 2.00 2.00 2.00
Liquor operations:
Off-sale:
Full-time 5.00 5.00 5.00 5.00
Market Place - part-time 6.00 6.00 6.00 6.00
Silver Lake Village - part-time 6.00 6.00 6.00 6.00
Total 89.25 88.00 87.75 87.75
Source: City of St. Anthony
Full-Time Equivalent Employees as of December 31,
172
Table 15
2014 2015 2016 2017 2018 2019
2.00 2.00 2.50 2.50 2.60 2.85
4.25 4.50 4.00 4.00 4.00 4.00
23.00 23.00 23.00 20.00 20.00 20.00
2.50 2.50 2.50 2.50 2.00 2.00
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
6.00 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 6.00 6.00 6.00
6.00 4.50 4.50 4.50 4.65 4.65
6.00 4.50 4.00 4.00 4.25 4.25
87.75 85.00 84.50 82.50 82.50 82.75
Full-Time Equivalent Employees as of December 31,
173
CITY OF ST. ANTHONY, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2010 2011 2012 2013
Police: *
Moving violation 2,305 1,848 1,851 2,068
Non-moving violations 397 210 200 396
DWI 49 44 39 34
Traffic arrests 600 673 578 679
Gross and misdemeanor arrests 129 145 164 244
Felony arrests 29 46 37 67
Warrant arrests 28 28 20 23
Fire:
Emergency responses 1,203 1,221 1,267 1,409
Medical responses 895 894 933 1,016
Fires 34 35 40 26
Inspections 97 121 116 88
Building inspection:
Permits issued 315 336 272 303
Other public works:
Street reconstruction/resurfacing (miles) 1 2 1 1
Potholes filled (tons) 22 100 84 39
Water:
New connections 7 1 39 122
Water mains breaks 11 10 10 7
Average daily consumption (thousands of gallons) 806 821 884 822
Peak daily consumption (thousands of gallons) 1,396 1,586 1,879 1,724
* Police statistics are for St Anthony only
Source: City of St. Anthony
Fiscal Year
174
Table 16
2014 2015 2016 2017 2018 2019
2,017 2,213 1,488 846 1,376 1,308
321 197 192 65 394 376
39 23 15 21 39 43
633 661 469 249 292 371
130 77 50 63 86 108
53 44 51 20 59 36
25 24 13 20 22 41
1,363 1,425 1,534 1,621 1,521 1,538
1,012 1,062 1,113 1,166 1,116 1,140
26 26 14 17 16 17
256 238 173 216 210 247
288 533 342 292 261 255
12110.51.2
34 66 23 198 64 53
28 7 1 29 30 3
882786
763 770 715 731 759 702
1,635 1,571 1,153 1,453 1,764 1,642
Fiscal Year
175
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2010 2011 2012 2013
Police:
Stations 1 1 1 1
Fleet units 13 13 14 14
Fire stations:1 1 1 1
Fleet units 8 8 8 8
Other public works:
City streets (miles)24.7 24.7 24.7 24.7
Sidewalks (miles)11.1 11.1 11.1 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 2 2 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 1 1 1 1
Stormwater treatment systems 0 0 0 1
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
176
Table 17
2014 2015 2016 2017 2018 2019
111111
14 14 14 13 13 13
111111
888888
24.7 24.7 24.7 24.7 24.7 24.7
11.1 11.1 11.6 12.3 12.3 12.6
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
287 287 288 288 288 288
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
122222
666666
15.0 15.0 15.0 15.0 15.0 15.0
Fiscal Year
177
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178