HomeMy WebLinkAbout2021 ACFRCity of Saint Anthony
Saint Anthony, Minnesota
2021
Annual Comprehensive
Financial Report
YEAR ENDED DECEMBER 31, 2021
Prepared By:
Finance Department
Our mission is to be a progressive and welcoming Village that is
walkable, sustainable and safe.
ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2021
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 19
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position Statement 1 31
Statement of Activities Statement 2 32
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 34
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds Statement 4 36
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds Statement 5 38
Statement of Net Position - Proprietary Funds Statement 6 39
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 7 40
Statement of Cash Flows - Proprietary Funds Statement 8 41
Notes to Financial Statements 43
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
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 Improvements Fund:
Balance Sheet Exhibit 3 138
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 4 139
Street Improvement Project Fund:
Balance Sheet Exhibit 5 140
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 6 141
HRA TIF Debt Service 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 9 161
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 13 170
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 17, 2022
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, 2021.
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, 2021. 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 9,257.
The City is located 10 minutes north of downtown Minneapolis and 15 minutes northwest of
downtown St. Paul. City residents and businesses have easy access to all parts of the
Minneapolis‐St. Paul metropolitan area by the use of Interstate 35W, Interstate 694 and
Highway 280.
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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 served by Independent School District (ISD) #282 (St. Anthony), which has a
2021/2022 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 330 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
elected 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
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.
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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 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 9 as required supplementary information to the basic financial
statements for the governmental funds.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of
St. Anthony operates.
Local economy: The Minneapolis‐St. Paul metropolitan area has continued to experience a
relatively stable economy. The market place for local products and services remains strong. St.
Anthony is a fully developed City. However, continued long‐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.
Capital Asset 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.
Debt Levy: In 2014, the City began a debt levy reduction program to stabilize the debt levy
growth, while continuing annual street reconstruction projects. The 2022 Street Improvement
project and resulting debt levy are included in the program and will result in a zero increase
debt levy for 2023.
5
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
A critical milestone in the debt levy reduction program will be reached in 2023, which is the
final levy year for Lease Revenue Bonds, resulting in a sizable decrease in the debt levy
requirements. Future street improvement will be performed every two out of three years. This
modified pace of street improvements will result in a reduction in the reliance on bond (debt)
financing. Debt levy reductions will be transition to Infrastructure levy support of construction
projects. Then the Infrastructure Levy will fund a great portion of construction costs versus
Bond financing over time. Resulting in a significantly reduced amount of cumulative debt in
the next 15 years. The model also provides flexibility for unexpected levy demands in the
future.
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 2021 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:
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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
A. Federal Government American Rescue Act Funds.
B. Ramsey County Safe and Sober Grant.
C. Minnesota Board of Firefighter Training & Education Grant.
D. Hennepin County Recycling Grant.
E. Hennepin County Tree Grant
F. State of Minnesota COVID unemployment relief
G. Rice Creek Watershed District Grant for the Silver Lake Terrace and Silver
Lake Water Quality Improvement
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. During 2021 the City added North
Suburban Cable Commission as a financial services customer.
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,
_________________________________
Charlie Yunker 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:
Charlie Yunker Appointed
Finance Director:
Shelly Rueckert Appointed
December 31, 2021
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Engineer - WSB & AssociatesFull-Time Positions = 58Financial - Ehlers & AssociatesPart-Time Positions (average) = 49Legal - Dorsey & WhitneyPublic Works Seasonal=10Planner - Northwest Associated Constultants, Inc. Police Reserves (Unpaid) = 12Building Inspections - City of New BrightonConsultantsParks & Environmental CommissionCity Manager5 Full time Employees25 Part time EmployeesFINANCE 20211 Part time EmployeeADMINISTRATION7 Full time Employees24 Part time EmployeesMAYOR AND COUNCIL MEMBERSPlanning CommissionAssistant to the City ManagerPOLICE St. Anthony Organizational ChartLIQUOR OPERATIONSHuman Resources/Deputy City Clerk23 Full time Employees5 Full time Employees12 Reserve OfficersCommunications Coordinator1 Shared EmployeePUBLIC WORKS14 Full time EmployeesFIRE10 Seasonal Employees10
II. FINANCIAL SECTION
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55 5th Street East, Suite 1400, St. Paul, MN, 55101 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 Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of City of St.
Anthony, Minnesota, as of and for the year ended December 31, 2021, and the related notes
to the financial statements, which collectively comprise City of St. Anthony, Minnesota's
basic financial statements as listed in the table of contents.
In our opinion, the accompanying 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
City of St. Anthony, Minnesota, as of December 31, 2021, 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.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America (GAAS) and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of the United States.
Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of City of St. Anthony, Minnesota and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
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Report on Summarized Comparative Information
We have previously audited City of St. Anthony, Minnesota’s 2020 financial statements, and
we expressed unmodified audit opinions on the respective financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information in our report dated June 11, 2021. In our opinion, the
summarized comparative information presented herein as of and for the year ended
December 31, 2020 is consistent, in all material respects, with the audited financial
statements from which it has been derived.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with accounting principles generally accepted in the United States
of America, and for 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.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about City of
St. Anthony, Minnesota’s ability to continue as a going concern for twelve months beyond
the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinions. Reasonable assurance is a high level of assurance
but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with GAAS and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements
are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the
financial statements.
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In performing an audit in accordance with GAAS and Governmental Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the
audit.
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Such procedures include examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit 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 City of St. Anthony, Minnesota's
internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about City of St. Anthony, Minnesota's ability
to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain
internal control related matters that we identified during the audit.
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 is the responsibility of
management and, 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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Supplementary 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
combining and individual nonmajor fund financial statements and schedules and
supplementary financial information exhibits are presented for purposes of additional
analysis and are not a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The 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 supplementary financial information exhibits are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic
financial statements and our auditor's report thereon. Our opinions on the basic financial
statements do not cover the other information, and we do not express an opinion or any form
of assurance thereon. In connection with our audit of the basic financial statements, our
responsibility is to read the other information and consider whether a material inconsistency
exists between the other information and the basic financial statements, or the other
information otherwise appears to be materially misstated. If, based on the work performed,
we conclude that an uncorrected material misstatement of the other information exists, we are
required to describe it in our report.
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
June 17, 2022 on our consideration of 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 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 City of St. Anthony, Minnesota’s internal
control over financial reporting and compliance.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 17, 2022
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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, 2021. 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 $48,440,876 (net position).
The City’s total net position increased by $4,374,403 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 $18,279,223, an increase of $731,381 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
$3,730,206 or 49% of total General Fund Budget expenditures.
The City’s total bonded debt decreased by $1,070,000 during the current fiscal year. The key
factors in this decrease were: 1) principal retirement of $4,040,000 and 2) the issuance of
$2,970,000 of 2021A 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 Improvements, Street Improvement Projects and Public Utilities Infrastructure, all of
which are considered to be major funds. Data from the other 14 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 $48,440,876 at the close of the most recent fiscal year.
21
City of St. Anthony, Minnesota’s Net Position
Governmental Activities Business-Type Activities Totals
2021 2020 2021 2020 2021 2020
Current and other assets $23,891,135 $21,508,654 $5,379,427 $4,691,115 $29,270,562 $26,199,769
Capital assets 33,854,615 33,885,667 25,013,354 24,315,166 58,867,969 58,200,833
Total assets $57,745,750 $55,394,321 $30,392,781 $29,006,281 $88,138,531 $84,400,602
Total deferred outflows of resources $4,479,130 $1,936,317 $0 $0 $4,479,130 $1,936,317
Long term liabilities outstanding $32,992,744 $35,951,705 $625,283 $791,392 $33,618,027 $36,743,097
Other liabilities 3,319,733 1,825,400 464,799 421,610 3,784,532 2,247,010
Total liabilities $36,312,477 $37,777,105 $1,090,082 $1,213,002 $37,402,559 $38,990,107
Total deferred inflows of resources $6,774,226 $3,280,339 $0 $0 $6,774,226 $3,280,339
Net position:
Invested in capital assets net of related debt $10,068,970 $10,349,363 $24,563,962 $23,721,266 $34,632,932 $34,070,629
Restricted 6,655,391 6,700,424 - - 6,655,391 6,700,424
Unrestricted 2,413,816 (776,593) 4,738,737 4,072,013 7,152,553 3,295,420
Total net position $19,138,177 $16,273,194 $29,302,699 $27,793,279 $48,440,876 $44,066,473
The City’s net position increased by $4,374,403 in 2021. 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
2021 2020 2021 2020 2021 2020
Revenues:
Program revenue:
Charges for services $3,041,161 $1,722,036 $10,098,794 $9,595,167 $13,139,955 $11,317,203
Operating grants and contributions 741,397 1,211,012 - - 741,397 1,211,012
Capital grants and contributions 624,283 1,862,319 - - 624,283 1,862,319
General revenue:
Property taxes 8,083,595 7,946,178 - - 8,083,595 7,946,178
Tax increment taxes 2,470,757 2,077,137 - - 2,470,757 2,077,137
Grants and contributions
not restricted to specific programs 640,386 613,302 - - 640,386 613,302
Other 96,705 359,421 (5,291) 45,267 91,414 404,688
Total revenues 15,698,284 15,791,405 10,093,503 9,640,434 25,791,787 25,431,839
Expenses:
General government 1,349,129 1,374,449 - - 1,349,129 1,374,449
Public safety 4,840,277 5,125,951 - - 4,840,277 5,125,951
Public works 2,947,640 2,915,895 - - 2,947,640 2,915,895
Parks and recreation 646,257 438,126 - - 646,257 438,126
Housing and redevelopment 1,217,386 1,276,274 - - 1,217,386 1,276,274
Interest on long-term debt 695,343 680,448 - - 695,343 680,448
Liquor - - 6,765,260 6,605,500 6,765,260 6,605,500
Water - - 1,377,483 1,554,879 1,377,483 1,554,879
Sewer - - 1,240,813 1,202,141 1,240,813 1,202,141
Stormwater - - 337,796 367,578 337,796 367,578
Total expenses 11,696,032 11,811,143 9,721,352 9,730,098 21,417,384 21,541,241
Excess before transfers 4,002,252 3,980,262 372,151 (89,664) 4,374,403 3,890,598
Transfers (1,137,269) 212,638 1,137,269 (212,638) - -
Increase (decrease) in net position 2,864,983 4,192,900 1,509,420 (302,302) 4,374,403 3,890,598
Net position - January 1 16,273,194 12,080,294 27,793,279 28,095,581 44,066,473 40,175,875
Net position - December 31 $19,138,177 $16,273,194 $29,302,699 $27,793,279 $48,440,876 $44,066,473
22
Governmental Activities. Governmental activities increased the City’s net position by
$2,864,983 compared to prior year increase of $4,192,900 The key elements of this change are a
decrease of $388,526 in Governmental program revenues, a decrease in general revenues of
$1,279,720 and a reduction of $340,329 in governmental activities expenses.
23
Business-type Activities. Business-type activities increased net position by $1,509,420. There
was net $1,137,269 transfers to cash and a increase in general revenues of $53,488.
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 $18,279,223 an increase of $731,381 from the prior year.
The ending fund balance is classified as follows:
Nonspendable $182,533
Restricted 7,396,858
Committed 337,173
Assigned 6,632,453
Unassigned 3,730,206
Total $18,279,223
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 $3,730,206, while total fund balance reached
$3,876,786. 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 49% of total General Fund expenditures and total fund balance represents
51% of that same amount.
During the current fiscal year, the fund balance in the General Fund increased by $478,796 due
to an increase in revenues over expenses of $28,575 and along with an increase in other
financing uses of $356,989.
The Street Improvement Debt Service Fund decreased by $226,068 mainly due to refunding of
specific prior year debt issuance and using cash on hand to lower new debt issues and existing
debt levied.
24
The HRA TIF Improvement Fund increased by $693,553, substantially due to an increase in
revenues over expenses of $431,112 and a small reduction in transfers of $1,449.
The Street Improvement Project Funds decreased by $597,206 due to other financing sources of
$2,144,542 exceeding revenues under expenditures of $2,471,798.
The Public Utilities Infrastructure Fund increased by $75,485 substantially due to connection
fees of $521,900 less capital outlays of $444,755.
Non-major Special Revenue Funds increased by $125,902 resulting in an ending balance of
$378,475 substantially due revenue over expenditures of $12,029 and plus net transfers in of
$113,873.
Non-major Debt Service Funds had a total fund balance of $1,032,751, 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 $29,977, 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 $2,378,389, an increase of $210,896
from prior year, substantially due to the receipt of park dedication fee revenues of $259,000.
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 $29,393,011. The total net position for each fund was:
Liquor – $2,610,392; Water and Sewer – $17,437,699; Stormwater Utility - $9,344,920.
25
General Fund Budgetary Highlights
Variances from actual to budget can be briefly summarized as follows:
General property taxes were $97,224 greater than budget due to a higher percentage of
current tax levy collections were received than was budgeted.
Licenses and permits were $855,846 greater than budget primarily due to higher level of
construction related permit activity.
Legal expenditures were $42,151 less than budget due to less legal activity incurred than
was provided for in the budget.
Public works expenditures were $126,006 less than budget primarily due to budgeted
positions being unfilled for portions of the year.
Protection inspections expenditures were $472,796 greater than budget primarily due to
higher level of construction related permit activity.
Transfers out were $367,845 greater than budget due to excess fund balance transfers
made in accordance with the fund balance policy.
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, 2021 amounts to $58,867,969 (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) increased .1%.
Major capital asset events during the current fiscal year included the following:
The 2021 Street and Utility Improvement project construction began and significant
progress was made. The remaining construction activities will be completed in 2022.
The City Engineer was authorized to design and create construction specifications for the
2022 Street and Utility Improvement project, which will be substantially constructed in
2022.
26
City of St. Anthony, Minnesota’s Capital Assets
Governmental Activities Business-Type Activities Totals
2021 2020 2021 2020 2021 2020
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 10,321,564 10,258,074 8,482,703 8,482,703 18,804,267 18,740,777
Furniture and fixtures 4,731,993 4,798,664 5,396,420 4,860,982 10,128,413 9,659,646
Software intangibles 56,823 56,823 62,894 26,022 119,717 82,845
Infrastructure/streets 43,240,017 41,336,141 18,006,505 17,043,752 61,246,522 58,379,893
Storm sewers 428,469 428,469 - - 428,469 428,469
Storm water - - 2,253,147 2,253,147 2,253,147 2,253,147
Less accumulated depreciation (30,373,380) (28,449,148) (12,328,253) (11,495,579) (42,701,633) (39,944,727)
Construction in progress 3,125,075 3,132,590 11,297 15,498 3,136,372 3,148,088
Total $33,854,615 $33,885,667 $25,013,354 $24,315,166 $58,867,969 $58,126,849
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 $27,925,000. Of this amount, $20,990,000 comprises debt backed by special
assessments and the full faith and credit of the City, $5,345,000 is backed by tax increments,
$1,150,000 is backed by lease revenue sources, and $440,000 is backed by revenues sources
from the City’s water/sewer funds. In addition, the City’s debt represents the liability for
compensated absences $811,706, net pension liability of $3,249,904, and OPEB liability of
$692,246.
City of St. Anthony, Minnesota’s Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Totals
2021 2020 2021 2020 2021 2020
General obligation bonds $20,990,000 $21,255,000 $ - $ - $20,990,000 $21,255,000
G.O. revenue bonds 1,150,000 1,505,000 440,000 580,000 1,590,000 2,085,000
G.O. tax increment bonds 5,345,000 5,795,000 - - 5,345,000 5,795,000
Issuance premiums (discounts) 929,779 934,554 9,392 13,900 939,171 948,454
-
Total $28,414,779 $29,489,554 $449,392 $593,900 28,864,171 $30,083,454
The City’s total bonded debt decreased by $1,070,000 during the current fiscal year. The key
factors in this decrease were: 1) principal retirement of $4,040,000 and 2) the issuance of
$2,970,000 of 2021A 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 $32,282,829, 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.
27
Bond Rating comments on Economic Factors, Financial management and Budgets
Healthy economic metrics, including incomes and wealth levels, in a Twins Cities
suburb, supported by consistent valuation growth.
Solid financial position with very strong available reserves, resulting from positive
operational performance.
Good financial policies and practices under our Financial Management Assessment
(FMA) methodology, and strong institutional framework.
Weak debt and liabilities profile with elevated debt costs, but a manageable pension
and OPEB burden and rapid amortization of debt.
Strong operational performance lending to consistent growth in available reserves.
These factors were considered in preparing the City’s budget for the 2022 fiscal year and
beyond.
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.
28
BASIC FINANCIAL STATEMENTS
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30
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2021
With Comparative Totals For December 31, 2020
Governmental Business-Type
Activities Activities 2021 2020
Assets:
Cash and investments $20,762,177 $3,688,437 $24,450,614 $21,486,901
Accrued interest 19,340 - 19,340 28,108
Due from other governmental units 74,291 - 74,291 98,775
Accounts receivable - net 96,164 743,752 839,916 799,854
Internal balances 90,312 (90,312) - -
Property taxes receivable 137,112 - 137,112 142,907
Prepaid items 168,984 28,348 197,332 183,503
Inventories - at cost 13,549 1,009,202 1,022,751 1,136,201
Loans receivable 5,786 - 5,786 9,227
Special assessments receivable 1,566,643 - 1,566,643 1,521,614
Land held for resale 370,356 - 370,356 370,356
Capital assets - net: -
Nondepreciable 4,861,942 2,101,251 6,963,193 6,974,909
Depreciable 28,992,673 22,912,103 51,904,776 51,225,924
Net pension asset 586,421 - 586,421 422,323
Total assets 57,745,750 30,392,781 88,138,531 84,400,602
Deferred outflows of resources:
Related to other post employment benefits 109,026 - 109,026 82,708
Related to pensions 4,370,104 - 4,370,104 1,853,609
Total deferred outflows of resources 4,479,130 0 4,479,130 1,936,317
Liabilities:
Accounts payable 1,151,001 269,861 1,420,862 815,745
Due to other governmental units 18,397 85,991 104,388 187,950
Salaries payable 144,162 54,170 198,332 186,638
Contracts payable 997,559 - 997,559 619,949
Deposits payable 169,773 52,235 222,008 89,539
Accrued interest payable 321,361 2,542 323,903 347,189
Unearned revenue 517,480 - 517,480 -
Other post employment benefits:
Due within one year 30,213 - 30,213 21,165
Due in more than one year 662,033 - 662,033 593,322
Long-term liabilities:
Due within one year 3,383,835 199,155 3,582,990 3,498,759
Due in more than one year 25,666,759 426,128 26,092,887 27,462,805
Net pension liability:
Due in more than one year 3,249,904 - 3,249,904 5,167,046
Total liabilities 36,312,477 1,090,082 37,402,559 38,990,107
Deferred inflows of resources:
Related to other post employment benefits 304,301 - 304,301 345,652
Related to pensions 6,469,925 - 6,469,925 2,934,687
Total deferred inflows of resources 6,774,226 - 6,774,226 3,280,339
Net position:
Net investments in capital assets 10,068,970 24,563,962 34,632,932 34,070,629
Restricted for:
Debt service 6,255,605 - 6,255,605 6,406,488
Pensions 360,702 - 360,702 247,024
Public safety 39,084 - 39,084 46,912
Unrestricted 2,413,816 4,738,737 7,152,553 3,295,420
Total net position $19,138,177 $29,302,699 $48,440,876 $44,066,473
Total
Primary Government
The accompanying notes are an integral part of these financial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
Program Revenues
Charges For
Functions/Programs Expenses Services
Primary government:
Governmental activities:
General government $1,349,129 $1,207,984
Public safety 4,840,277 894,133
Public works 2,947,640 707,746
Parks and recreation 646,257 231,068
Housing and redevelopment 1,217,386 230
Interest on long-term debt 695,343 -
Total governmental activities 11,696,032 3,041,161
Business-type activities:
Liquor 6,765,260 7,260,590
Water/water plant 1,377,483 1,311,611
Sewer 1,240,813 1,314,285
Stormwater 337,796 212,308
Total business-type activities 9,721,352 10,098,794
Total primary government $21,417,384 $13,139,955
The accompanying notes are an integral part of these financial statements.
32
Statement 2
Operating Capital
Grants and Grants and Governmental Business-Type
Contributions Contributions Activities Activities 2021 2020
$57,779 $ - ($83,366) $ - ($83,366) ($937,971)
326,531 - (3,619,613) - (3,619,613) (3,202,286)
94,052 624,283 (1,521,559) - (1,521,559) (704,998)
263,035 - (152,154) - (152,154) (214,259)
- - (1,217,156) - (1,217,156) (1,275,814)
- - (695,343) - (695,343) (680,448)
741,397 624,283 (7,289,191) 0 (7,289,191) (7,015,776)
- - - 495,330 495,330 419,968
- - - (65,872) (65,872) (421,421)
- - - 73,472 73,472 22,740
- - - (125,488) (125,488) (156,218)
0 0 0 377,442 377,442 (134,931)
$741,397 $624,283 (7,289,191) 377,442 (6,911,749) (7,150,707)
General revenues:
General property taxes 8,083,595 - 8,083,595 7,946,178
Tax increment taxes 2,470,757 - 2,470,757 2,077,137
Grants and contributions not
restricted to specific programs 640,386 - 640,386 613,302
Unrestricted investment earnings 47,420 (11,911) 35,509 363,920
Gain on disposal of capital assets - 6,620 6,620 -
Other 49,285 - 49,285 40,768
Transfers (1,137,269) 1,137,269 - -
Total general revenues and transfers 10,154,174 1,131,978 11,286,152 11,041,305
Change in net position 2,864,983 1,509,420 4,374,403 3,890,598
Net position - January 1 16,273,194 27,793,279 44,066,473 40,175,875
Net position - December 31 $19,138,177 $29,302,699 $48,440,876 $44,066,473
Program Revenues
Total
Primary Government
Changes in Net Position
Net (Expense) Revenue and
The accompanying notes are an integral part of these financial statements.
33
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2021
With Comparative Totals For December 31, 2020
General Fund
Street Improvement
Debt Service Fund
Assets
Cash and investments $4,232,561 $4,015,795
Accrued interest 19,340 -
Due from other governmental units 22,097 -
Accounts receivable - net 75,469 -
Interfund receivable 194,094
Interfund loan receivable - -
Property taxes receivable:
Delinquent 34,173 12,220
Due from county 45,780 17,073
Prepaid items 133,031 -
Inventories - at cost 13,549 -
Loans receivable - -
Special assessments receivable 5,531 1,510,851
Land held for resale - -
Total assets $4,775,625 $5,555,939
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $136,346 $4,235
Due to other governmental units 18,397 -
Salaries payable 138,919 -
Contracts payable - -
Deposits payable 72,992 7,534
Unearned revenue 492,480 -
Interfund payable - -
Interfund loan payable - -
Total liabilities 859,134 11,769
Deferred inflows of resources:
Unavailable revenue 39,705 1,522,353
Fund balance (deficit):
Nonspendable 146,580 -
Restricted - 4,021,817
Committed - -
Assigned - -
Unassigned 3,730,206 -
Total fund balance (deficit)3,876,786 4,021,817
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$4,775,625 $5,555,939
The accompanying notes are an integral part of these financial statements.
34
Statement 3
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other Governmental
Funds
Intra-Activity
Eliminations
2021 2020
$3,733,601 $1,430,346 $3,062,603 $3,981,575 $ - $20,456,481 $18,184,464
- - - - - 19,340 28,108
- 50,000 - 2,194 - 74,291 91,509
- 2,500 - 18,195 - 96,164 106,183
(194,094) -
- - 1,158,249 - (1,158,249) - -
9,557 - - 9,234 - 65,184 75,065
(149) - - 9,224 - 71,928 67,842
528 - - 35,425 - 168,984 146,540
- - - - - 13,549 16,211
- - - 5,786 - 5,786 9,227
- 45,501 - 4,760 - 1,566,643 1,521,614
370,356 - - - - 370,356 370,356
$4,113,893 $1,528,347 $4,220,852 $4,066,393 ($1,352,343) $22,908,706 $20,617,119
$939,678 $24,564 $3,349 $42,829 $ - $1,151,001 $607,097
- - - - - 18,397 94,188
- - - 5,243 - 144,162 127,727
- 997,559 - - - 997,559 619,949
73,458 - - 15,789 - 169,773 34,084
- 25,000 - - - 517,480 -
- 194,094 - - (194,094) - -
959,326 - - 198,923 (1,158,249) - -
1,972,462 1,241,217 3,349 262,784 (1,352,343) 2,998,372 1,483,045
9,557 45,502 - 13,994 - 1,631,111 1,586,232
528 - - 35,425 - 182,533 162,751
2,131,346 171,860 - 1,071,835 - 7,396,858 7,955,365
- - - 337,173 - 337,173 201,822
- 69,768 4,217,503 2,345,182 - 6,632,453 6,513,862
- - - - - 3,730,206 2,714,042
2,131,874 241,628 4,217,503 3,789,615 0 18,279,223 17,547,842
$4,113,893 $1,528,347 $4,220,852 $4,066,393 ($1,352,343) $22,908,706 $20,617,119
Fund balance reported above $18,279,223 $17,547,842
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.33,854,615 33,885,667
Other long-term assets are not available to pay for current-period expenditures and,
therefore, are reported as unavailable in the funds. 1,631,111 1,586,232
Net pension asset related to the Saint Anthony Fire Department pension plan. 586,421 422,323
Deferred outflows of resources related to the Saint Anthony Fire Department pension plan. 12,295 14,093
Deferred inflows of resources related to the Saint Anthony Fire Department pension plan. (238,014) (189,392)
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds.(28,736,140) (29,831,909)
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. (6,251,334) (7,161,662)
Net position of governmental activities $19,138,177 $16,273,194
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
35
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
General Fund
Street Improvement
Debt Service Fund
Revenues:
General property taxes $4,979,581 $1,913,242
Tax increment collections - -
Licenses, fees and permits 1,116,447 -
Intergovernmental 1,025,885 -
Special assessments 5,369 318,182
Charges for services 1,026,738 -
Cable franchise fees 103,768 -
Fines and forfeits 113,163 -
Investment income (loss)(8,752) (9,073)
Contributions and donations 610 -
Refunds and reimbursements 6,108 -
Miscellaneous 46,785 -
Total revenues 8,415,702 2,222,351
Expenditures:
Current:
General government 1,137,305 -
Public safety 5,414,435 -
Public works 780,182 4,628
Parks and recreation 291,168 -
Nondepartmental 33,949 -
Housing and redevelopment - -
Capital outlay - -
Debt service:
Principal - 2,105,000
Interest - 539,854
Other costs - 33,113
Construction/acquisition costs - -
Developer incentives - -
Total expenditures 7,657,039 2,682,595
Revenues over (under) expenditures 758,663 (460,244)
Other financing sources (uses):
Bonds issued - 25,658
Refunding bonds issued - 885,000
Payment to refunding bond escrow agent - (885,000)
Premium on bonds issued - 51,790
Sale of capital assets - -
Transfers in 274,729 156,728
Transfers out (554,596) -
Total other financing sources (uses) (279,867) 234,176
Net change in fund balance 478,796 (226,068)
Fund balance - January 1 3,397,990 4,247,885
Fund balance - December 31 $3,876,786 $4,021,817
The accompanying notes are an integral part of these financial statements.
36
Statement 4
HRA TIF
Improvements
Street Improvement
Project Fund
Public Utilities
Infrastructure
Other Governmental
Funds
Intra-Activity
Eliminations
2021 2020
$ - $ - $ - $1,196,838 $ - $8,089,661 $7,932,488
2,474,570 - - - - 2,474,570 2,076,472
- - - - - 1,116,447 318,232
- 27,674 - 12,996 - 1,066,555 3,181,190
- 195,159 - 2,095 - 520,805 377,937
- - 521,900 131,082 - 1,679,720 1,186,119
- - - - - 103,768 95,517
- - - 7,531 - 120,694 87,539
47,200 (582) 31,517 (11,854) - 48,456 313,955
- - - 263,025 - 263,635 1,050
13,720 - - 704 - 20,532 34,629
- 2,500 - - - 49,285 40,768
2,535,490 224,751 553,417 1,602,417 0 15,554,128 15,645,896
31,793 - - 19,414 - 1,188,512 1,225,447
- - - 22,946 - 5,437,381 5,169,275
- - - 93,199 - 878,009 944,755
- - - 344,752 - 635,920 403,034
- - - - - 33,949 28,475
120,021 - - 130,471 - 250,492 499,439
- - 444,755 334,011 - 778,766 533,874
- - - 1,050,000 - 3,155,000 2,900,000
93,150 - - 225,148 - 858,152 842,600
- 56,649 - 3,073 - 92,835 83,751
- 2,909,900 33,177 - - 2,943,077 2,485,227
975,485 - - - - 975,485 782,009
1,220,449 2,966,549 477,932 2,223,014 0 17,227,578 15,897,886
1,315,041 (2,741,798) 75,485 (620,597) 0 (1,673,450) (251,990)
- 2,059,342 - - - 2,085,000 3,000,000
- - - - - 885,000 -
- - - - - (885,000) -
- 85,250 - - - 137,040 154,026
- - - 19,091 - 19,091 -
- - - 1,292,234 (1,473,691) 250,000 250,000
(621,488) - - (383,907) 1,473,691 (86,300) (86,300)
(621,488) 2,144,592 0 927,418 0 2,404,831 3,317,726
693,553 (597,206) 75,485 306,821 0 731,381 3,065,736
1,438,321 838,834 4,142,018 3,482,794 - 17,547,842 14,482,106
$2,131,874 $241,628 $4,217,503 $3,789,615 $0 $18,279,223 $17,547,842
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
37
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, 2021
With Comparative Amounts For The Year Ended December 31, 2020
2021 2020
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)$731,381 $3,065,736
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlays exceeded depreciation in the current period.1,379,459 845,932
Transfer out of governmental capital assets contributed to Enterprise Funds.(1,387,269) (37,362)
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.(23,242) (85,637)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.44,879 32,979
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.1,095,769 (91,874)
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.910,328 393,604
Governmental funds report pension contributions as expenditures, however,
pension expense is reported in the statement of activities. This is the amount
by which pension expense differed from pension contributions for the St. Anthony
Fire Department pension plan (Note 8).113,678 69,522
Change in net position of governmental activities (Statement 2)$2,864,983 $4,192,900
The accompanying notes are an integral part of these financial statements.
38
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 6
PROPRIETARY FUNDS
December 31, 2021
With Comparative Totals For December 31, 2020
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
Assets:2021 2020
Current assets:
Cash and cash equivalents $1,239,208 $2,185,353 $263,876 $3,688,437 $3,016,982 $305,696
Accounts receivable - net 4,095 739,657 - 743,752 693,671 -
Due from other governmental units - - - - 7,266 -
Prepaid items 12,903 15,445 - 28,348 36,963 -
Inventories - at cost 868,579 140,623 - 1,009,202 1,119,990 -
Total current assets 2,124,785 3,081,078 263,876 5,469,739 4,874,872 305,696
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 1,888,593 6,594,110 - 8,482,703 8,482,703 -
Furniture, fixtures and equipment 476,643 4,694,559 225,218 5,396,420 4,860,982 -
Distribution and collection system - 12,702,329 7,557,323 20,259,652 19,296,899 -
Software intangibles 62,894 - - 62,894 26,022 -
Construction in process - - 11,297 11,297 15,498 -
Total capital assets 2,428,130 23,996,651 10,916,826 37,341,607 35,810,745 0
Less: Allowance for depreciation (1,528,592) (8,977,310) (1,822,351) (12,328,253) (11,495,579) -
Net capital assets 899,538 15,019,341 9,094,475 25,013,354 24,315,166 0
Total assets 3,024,323 18,100,419 9,358,351 30,483,093 29,190,038 305,696
Deferred outflows of resources:
Related to OPEB - - - - - 109,026
Related to pensions - - - - - 4,357,809
Total deferred outflows of resources - - - - - 4,466,835
Liabilities:
Current liabilities:
Accounts payable 231,451 24,979 13,431 269,861 208,648 -
Due to other governmental units 82,282 3,709 - 85,991 93,762 -
Salaries payable 25,617 28,553 - 54,170 58,911 -
Accrued interest payable - 2,542 - 2,542 4,834 -
Refundable deposits - 52,235 - 52,235 55,455 -
Compensated absences payable - current 23,554 35,601 - 59,155 64,944 213,835
Bonds and notes payable - current - 140,000 - 140,000 140,000 -
Other post employment benefits liability - current - - - - - 30,213
Total current liabilities 362,904 287,619 13,431 663,954 626,554 244,048
Noncurrent liabilities:
Compensated absences payable - noncurrent 51,027 65,709 - 116,736 132,548 421,980
Bonds and notes payable - noncurrent - 309,392 - 309,392 453,900 -
Other post employment benefits liability - noncurrent - - - - - 662,033
Net pension liability - - - - - 3,249,904
Total noncurrent liabilities 51,027 375,101 0 426,128 586,448 4,333,917
Total liabilities 413,931 662,720 13,431 1,090,082 1,213,002 4,577,965
Deferred inflows of resources:
Related to OPEB - - - - - 304,301
Related to pensions - - - - - 6,231,911
Total deferred inflows of resources - - - - - 6,536,212
Net position:
Net investments in capital assets 899,538 14,569,949 9,094,475 24,563,962 23,721,266 -
Unrestricted 1,710,854 2,867,750 250,445 4,829,049 4,255,770 (6,341,646)
Total net position $2,610,392 $17,437,699 $9,344,920 $29,393,011 $27,977,036 ($6,341,646)
Net position reported above $29,393,011 $27,977,036
Adjustment to report the cumulative internal balance for the net effect of activity
between the internal service fund and the enterprise funds over time.(90,312) (183,757)
Net position of business-type activities (Statement 1)$29,302,699 $27,793,279
Totals
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
39
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENSES AND Statement 7
CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2021 2020
Sales $7,259,565 $ - $ - $7,259,565 $7,015,974 $ -
Cost of sales (5,431,563) - - (5,431,563) (5,252,004) -
Gross profit 1,828,002 0 0 1,828,002 1,763,970 0
Operating revenues:
Customer billings - 2,614,535 212,308 2,826,843 2,565,833 -
Charges for services - - - - - 676,492
Total operating revenues 0 2,614,535 212,308 2,826,843 2,565,833 676,492
Total gross profit and operating revenues 1,828,002 2,614,535 212,308 4,654,845 4,329,803 676,492
Operating expenses:
Personal services 869,391 858,238 - 1,727,629 1,768,109 (202,234)
Supplies 355,439 105,440 75 460,954 558,631 -
Contracted services 73,355 146,449 51,906 271,710 280,251 -
Treatment charges (MCES) - 719,437 - 719,437 712,664 -
Other 10,437 212,960 1,172 224,569 222,921 -
Total operating expenses, excluding depreciation 1,308,622 2,042,524 53,153 3,404,299 3,542,576 (202,234)
Depreciation 72,085 612,059 290,728 974,872 981,306 -
Total operating expenses 1,380,707 2,654,583 343,881 4,379,171 4,523,882 (202,234)
Operating income (loss)447,295 (40,048) (131,573) 275,674 (194,079) 878,726
Nonoperating revenues (expenses):
Investment income (3,466) (7,698) (747) (11,911) 45,267 (1,036)
Intergovernmental revenue - - - - - 39,783
Interest expense - (4,064) - (4,064) (8,540) -
Gain on disposal of asset - - 6,620 6,620 - -
Miscellaneous 1,026 11,361 - 12,387 13,360 -
Total nonoperating revenues (expenses)(2,440) (401) 5,873 3,032 50,087 38,747
Income (loss) before contributions and transfers 444,855 (40,449) (125,700) 278,706 (143,992) 917,473
Contributions and transfers:
Capital contributions - 1,002,344 384,925 1,387,269 37,362 -
Transfers in - - - - - 86,300
Transfers out (250,000) - - (250,000) (250,000) -
Total contributions and transfers (250,000) 1,002,344 384,925 1,137,269 (212,638) 86,300
Change in net position 194,855 961,895 259,225 1,415,975 (356,630) 1,003,773
Net position - January 1 2,415,537 16,475,804 9,085,695 27,977,036 28,333,666 (7,345,419)
Net position - December 31 $2,610,392 $17,437,699 $9,344,920 $29,393,011 $27,977,036 ($6,341,646)
Change in net position reported for business-type activities above $1,415,975 ($356,630)
Transfer in of capital assets from governmental activities 1,387,269 37,362
Portion of contribution revenue reported above (1,387,269) (37,362)
Adjustment for the net effect of the current year activity between the
internal service fund and the enterprise funds.93,445 54,328
Change in net position of business-type activities (Statement 2)$1,509,420 ($302,302)
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
40
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2021 2020
Cash flows from operating activities:
Receipts from customers and users $7,259,678 $2,561,121 $212,308 $10,033,107 $9,558,751 $ -
Receipts from interfund charges for pension benefits - - - - - 676,492
Payment to suppliers (5,682,561) (1,211,729) (41,098) (6,935,388) (7,071,842) -
Payment to employees (877,805) (876,166) - (1,753,971) (1,747,112) (741,515)
Miscellaneous revenue 8,292 11,361 - 19,653 6,094 -
Net cash flows provided by (used in)
operating activities 707,604 484,587 171,210 1,363,401 745,891 (65,023)
Cash flows from noncapital financing activities:
Transfer from General Fund - - - - - 86,300
Transfer to General Fund (250,000) - - (250,000) (250,000) -
Net cash flows provided by (used in)
noncapital financing activities (250,000)0 0 (250,000) (250,000) 86,300
Cash flows from capital and related
financing activities:
Acquisition of capital assets (49,273) - (229,894) (279,167) - -
Principal paid on debt - (135,000) - (135,000) (135,000) -
Interest paid on debt - (15,867) - (15,867) (14,172) -
Net cash flows provided by (used in)
capital and related financing activities (49,273) (150,867) (229,894) (430,034) (149,172)0
Cash flows from investing activities:
Investment income (3,467) (7,698) (747) (11,912) 45,267 (1,036)
Net increase (decrease) in cash and cash equivalents 404,864 326,022 (59,431) 671,455 391,986 20,241
Cash and cash equivalents - January 1 834,344 1,859,331 323,307 3,016,982 2,624,996 285,455
Cash and cash equivalents - December 31 $1,239,208 $2,185,353 $263,876 $3,688,437 $3,016,982 $305,696
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $447,295 ($40,048) ($131,573) $275,674 ($194,079) $878,726
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue 1,026 11,361 - 12,387 13,360 -
Depreciation 72,085 612,059 290,728 974,872 981,306 -
Changes in assets and liabilities:
Decrease (increase) in receivables 7,379 (50,194) - (42,815) (28,042) -
Decrease (increase) in prepaid items 1,867 6,748 - 8,615 (17,640) -
Decrease (increase) in inventory 96,648 14,140 - 110,788 8,132 -
Decrease (increase) in deferred outflows of resources - - - - - (2,544,611)
Increase (decrease) in payables 81,304 (69,479) 12,055 23,880 (17,146) (44,803)
Increase (decrease) in OPEB liability - - - - - 77,759
Increase (decrease) in net pension liability - - - - - (1,877,359)
Increase (decrease) in deferred inflows of resources - - - - - 3,445,265
Total adjustments 260,309 524,635 302,783 1,087,727 939,970 (943,749)
Net cash provided by (used in) operating activities $707,604 $484,587 $171,210 $1,363,401 $745,891 ($65,023)
Noncash investing, capital and financing activities:
Assets in the amount of $0 and $30,356 were contributed to the Liquor Fund in 2021 and 2020, respectively.
Assets in the amount of $1,002,344 and $7,006 were contributed to the Water/Sewer/Water Plant Fund in 2021 and 2020, respectively.
Assets in the amount of $384,925 and $0 were contributed to the Stormwater Utility Fund in 2021 and 2020, respectively.
Totals
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
41
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42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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.
43
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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 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.
The Public Utilities Infrastructure Fund was established to account for costs associated with the
City’s utilities infrastructure.
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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.
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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 $105,968 $109,729 $3,761
Public relations/cable 49,551 52,682 3,131
Park maintenance 225,495 238,992 13,497
Fire protection 1,148,879 1,168,266 19,387
Other public safety - 16,339 16,339
Protective inspections 105,721 578,517 472,796
Nonmajor Funds:
Special Revenue Funds:
Police forfeiture 20,000 22,530 2,530
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.
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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, 2021 are
planned to be eliminated in 2022. 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.
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
48
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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.
49
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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
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.
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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.
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, 2020, 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 resources
reported in the government-wide Statement of Net Position and the proprietary funds Statement of Net
Position.
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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. DEFINED BENEFIT PENSION 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.
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 ($28,736,140) difference are as follows:
Bonds payable ($27,485,000)
Accrued interest payable (321,361)
Unamortized bond premium (929,779)
Net adjustment to reduce fund balance - total
governmental funds to arrive at net position -
governmental activities. ($28,736,140)
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
2. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
AND THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
The governmental fund statement of revenues, expenditures and changes in fund balances includes
a reconciliation between net changes in fund balances – total governmental funds and changes in
net position of governmental activities as reported in the government-wide statement of activities.
One element of that reconciliation explains that “governmental funds report capital outlays as
expenditures. However, in the statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense.” The details of this $1,379,459
difference are as follows:
Capital outlay $778,766
Construction/acquisition costs 2,943,077
Capital Outlay not capitalized (156,151)
Construction in progress not capitalized (57,048)
Depreciation expense (2,129,185)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $1,379,459
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 $44,879 difference are as follows:
Unavailable revenue - general property taxes:
At December 31, 2020 ($61,694)
At December 31, 2021 55,628
Unavailable revenue - tax increment taxes:
At December 31, 2020 (13,371)
At December 31, 2021 9,557
Unavailable revenue - special assessments:
At December 31, 2020 (1,500,133)
At December 31, 2021 1,565,926
Unavailable revenue - intergovernmental:
At December 31, 2020 (11,034)
At December 31, 2021 -
Net adjustments to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $44,879
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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 $1,095,769
difference are as follows:
Debt issued or incurred:
Issuance of general obligation bonds ($2,970,000)
Premium on issued bonds (137,040)
Principal repayments 4,040,000
Change in accrued interest payable 20,994
Amortization of bond premium 141,815
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $1,095,769
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 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.
Securities pledged as collateral are required to be held in safekeeping by the City or in a financial
institution other than that furnishing the collateral. Minnesota Statue 118A.03 identifies allowable
forms of collateral.
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. As of December 31, 2021, the bank balance of the City’s
deposits was covered by federal depository insurance.
B. INVESTMENTS
Subject to rating, yield, maturity and issuer requirements as prescribed by statute, Minnesota Statutes
118A.04 and 118A.05 authorize the City to invest in United States securities, state and local securities,
commercial paper, time deposits, high-risk mortgage-backed securities, temporary general obligation
bonds, repurchase agreements, Minnesota joint powers investment trusts and guaranteed investment
contracts.
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
As of December 31, 2021, the City had the following investments and maturities:
Fair Less Over
Investment Type Rating Value Than 1 1-5 6-10 10 Years
Federal Home Loan Bank AAA $2,872,539 $ - $2,872,539 $ - $ -
Federal Farm Credit Bank AAA 838,209 - 838,209 - -
Money market funds Aaa-mf 36,485 36,485 - - -
External investment pool - 4M Fund Not rated 11,046,074 11,046,074 - - -
External investment pool - 4M Plus Fund Not rated 6,247 6,247 - - -
External Investment Pool - LTD Not rated 1,496,102 1,496,102 - - -
Municipal Securities AA - AAA 776,156 - 485,416 290,740 -
Brokered Certificates of Deposit Not rated 6,861,779 2,499,031 3,466,261 896,487 -
Total $23,933,591 $15,083,939 $7,662,425 $1,187,227 $0
Total investments $23,933,591
Total deposits 511,723
Petty cash 5,300
Total cash and investments $24,450,614
Investment Maturities (in Years)
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, 2021:
Fair Value Measurement Using
Investment Type 12/31/2021 Level 1 Level 2 Level 3
Investments at fair value:
Brokered Certificates of Deposit $6,861,779 $ - $6,861,779 $ -
Municipal Securities 776,156 - 776,156 -
Federal Home Loan Bank 2,872,539 - 2,872,539 -
Federal Farm Credit Bank 838,209 - 838,209 -
Total/Subtotal 11,348,683 $0 $11,348,683 $0
Investments not categorized:
External investment pool - 4M, 4M Plus, LTD 12,548,423
Money market funds 36,485
Total $23,933,591
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.
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
The 4M Limited Term Duration (LTD) Fund is an unrated pool. The LTD Fund is managed to
maintain an average maturity of 0-2 years and has a floating net asset value (NAV). Redemptions from
the LTD Fund may only be made on the third Wednesday of each month upon at least two (2) weeks
advance notice. The LTD Fund measures its investments at fair value and the City’s account balance is
the fair value of the investment.
C. INVESTMENT RISKS
Custodial credit risk – investments – For investments in securities, custodial credit risk is the risk that
in the event of failure of the counterparty to a transaction, the City will not be able to recover the value
of its investment securities that are in the possession of an outside party. Investments in investment
pools and money markets are not evidenced by securities that exist in physical or book entry form, and
therefore are not subject to custodial credit risk disclosures. The City’s investment policy does not
address custodial risk. However, investments in securities are held by the City’s broker-dealers of
which $500,000 is insured through SIPC. The broker-dealer has provided additional protection by
providing additional insurance. This insurance is subject to aggregate limits applied to all of the
broker-dealers’ accounts.
Interest rate risk – Interest rate risk is the risk that changes in interest rates of debt investments could
adversely affect the fair value of an investment. The City’s investment policy requires the City to
diversify its investment portfolio to eliminate the risk of loss resulting from over concentration of
assets in a specific maturity. The policy also states the City’s investment portfolio will remain
sufficiently liquid to enable the City to meet all operating requirements which might be reasonably
anticipated.
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.
56
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 3 RECEIVABLES
Significant receivables balances not expected to be collected within one year of December 31, 2021 are as
follows:
Street
Improvement HRA TIF Nonmajor
General Debt Service Improvements Funds Total
Special assessments receivable $ - $1,387,400 $ - $3,200 $1,390,600
Delinquent property taxes 12,900 5,000 - 3,900 21,800
Delinquent tax increment - - 6,900 - 6,900
$12,900 $1,392,400 $6,900 $7,100 $1,419,300
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 Special Tax
Taxes Assessments Increment Total
Major Funds:
General Fund $34,174 $5,531 $ - $39,705
Street Improvement Debt Service 12,220 1,510,133 - 1,522,353
HRA TIF Improvements - - 9,557 9,557
Street Improvement Project 45,502 45,502
Nonmajor Funds 9,234 4,760 - 13,994
Total unavailale revenue $55,628 $1,565,926 $9,557 $1,631,111
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 5 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2021 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 3,132,590 2,916,164 (2,923,679) 3,125,075
Total capital assets, not being depreciated 4,869,457 2,916,164 (2,923,679) 4,861,942
Capital assets, being depreciated:
Buildings and improvements 10,258,074 63,490 - 10,321,564
Land improvements 587,187 - - 587,187
Furniture, fixtures and equipment 4,798,664 161,524 (228,195) 4,731,993
Streets 41,336,141 1,903,876 - 43,240,017
Storm sewers 428,469 - - 428,469
Intangible assets 56,823 - - 56,823
Total capital assets, being depreciated 57,465,358 2,128,890 (228,195) 59,366,053
Less accumulated depreciation for:
Buildings and improvements 5,593,137 326,754 - 5,919,891
Land improvements 457,748 8,488 - 466,236
Furniture, fixtures and equipment 3,241,040 211,593 (204,953) 3,247,680
Streets 18,936,257 1,557,126 - 20,493,383
Storm sewers 207,549 17,139 - 224,688
Intangible assets 13,417 8,085 - 21,502
Total accumulated depreciation 28,449,148 2,129,185 (204,953) 30,373,380
Total capital assets being depreciated - net 29,016,210 (295) (23,242) 28,992,673
Governmental activities capital assets - net $33,885,667 $2,915,869 ($2,946,921) $33,854,615
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Beginning Ending
Balance Increases Decrease Balance
Business-type activities:
Capital assets, not being depreciated:
Land $2,089,954 $ - $ - $2,089,954
Construction in progress 15,498 32,670 (36,871) 11,297
Total capital assets, not being depreciated 2,105,452 32,670 (36,871) 2,101,251
Capital assets, being depreciated:
Buildings and structures 8,482,703 - - 8,482,703
Land improvements 1,038,687 - - 1,038,687
Furniture, fixtures and equipment 4,860,982 677,636 (142,198) 5,396,420
Software and intangibles 26,022 36,872 - 62,894
Stormwater 2,253,147 - - 2,253,147
Distribution and collection system 17,043,752 962,753 - 18,006,505
Total capital assets, being depreciated 33,705,293 1,677,261 (142,198) 35,240,356
Less accumulated depreciation for:
Buildings and structures 2,847,562 208,919 - 3,056,481
Land improvements 83,096 41,547 124,643
Furniture, fixtures and equipment 1,445,650 174,212 (142,198) 1,477,664
Software and intangibles 26,022 - - 26,022
Stormwater 875,758 90,806 - 966,564
Distribution and collection system 6,217,491 459,388 - 6,676,879
Total accumulated depreciation 11,495,579 974,872 (142,198) 12,328,253
Total capital assets being depreciated - net 22,209,714 702,389 0 22,912,103
Business-type activities capital assets - net $24,315,166 $735,059 ($36,871) $25,013,354
59
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Depreciation/amortization expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $126,746
Public safety 197,665
Public works, including depreciation of general infrastructure assets 1,783,866
Parks and recreation 20,908
Total depreciation/amortization expense - governmental activities 2,129,185
Business-type activities:
Liquor 72,085
Water/Sewer/Water Plant 612,059
Stormwater 290,728
Total depreciation/amortization expense - business-type activities 974,872
Total depreciation expense $3,104,057
CONSTRUCTION COMMITMENTS
At December 31, 2021, the City had commitments of approximately $193,790 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,
2021. 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.
60
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
As of December 31, 2021, the long-term debt of the City consisted of the following:
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/2021
Governmental Activities:
G.O. Improvement Bonds:
G.O. Improvement Bonds, Series 2014A 2.00-3.30% 4/10/2014 2/1/2030 $2,070,000 $1,300,000
G.O. Improvement Bonds, Series 2015A 2.00-3.00% 5/19/2015 2/1/2031 2,580,000 1,785,000
G.O. Improvement Bonds, Series 2016A 2.00-2.75% 6/2/2016 2/1/2032 1,455,000 1,100,000
G.O. Improvement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 1,355,000 720,000
G.O. Improvement Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 2,600,000 2,150,000
G.O. Improvement Bonds, Series 2018A 3.00-4.00% 5/15/2018 2/1/2034 2,610,000 2,315,000
G.O. Improvement Refunding Bonds, Series 2019A 2.25-4.00% 7/18/2019 2/1/2027 3,315,000 1,155,000
G.O. Improvement Bonds, Series 2020A 2.00-3.00% 5/19/2020 2/1/2036 3,000,000 3,000,000
G.O. Improvement Refunding Bonds, Series 2021A 2.00% 5/18/2021 2/1/2029 885,000 885,000
G.O. Improvement Bonds, Series 2021A 1.10-2.00% 5/18/2021 2/1/2037 2,085,000 2,085,000
Total improvement bonds 21,955,000 16,495,000
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 2,435,000
G.O. Tax Increment Refunding Bonds, Series 2015B 2.00-3.00% 12/29/2015 2/1/2031 4,310,000 2,910,000
Total tax increment revenue bonds 7,975,000 5,345,000
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2016B 2.00% 6/2/2016 2/1/2026 1,445,000 460,000
G.O. Tax Abatement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2025 835,000 450,000
G.O. Tax Abatement Refunding Bonds, Series 2019A 3.00-4.00% 7/18/2019 2/1/2035 1,145,000 1,085,000
Total tax abatement bonds 3,425,000 1,995,000
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 1,150,000
Other G.O. Bonds:
G.O. Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2028 5,440,000 1,675,000
G.O. Street Reconstruction Bonds, Series 2014C 2.00-3.00% 7/24/2014 2/1/2024 1,305,000 465,000
G.O. Equipment Certificate, Series 2017A 3.00% 5/18/2017 2/1/2027 520,000 360,000
Total other G.O. bonds 7,265,000 2,500,000
Unamortized bond premiums N/A 934,523
Total - bonded indebtedness 44,615,000 28,419,523
Compensated absences payable N/A 635,815
Total - governmental activities 44,615,000 29,055,338
Business-type activities
Revenue Bonds:
G.O. Water and Sewer Revenue Bonds, Series 2013A 2.00% 4/16/2003 2/1/2024 1,440,000 440,000
Unamortized bond premiums N/A 9,392
Total - bonded indebtedness 1,440,000 449,392
Compensated absences N/A 175,891
Total City indebtedness - business-type activities 1,440,000 625,283
Total City indebtedness $46,055,000 $29,680,621
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Annual debt service requirements to maturity for long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest
2022 $1,320,000 $438,965 $475,000 $146,212
2023 1,525,000 386,830 495,000 134,412
2024 1,555,000 342,280 510,000 122,062
2025 1,590,000 296,486 530,000 109,313
2026 1,435,000 252,174 555,000 95,700
2027 1,355,000 212,530 580,000 80,081
2028 1,265,000 177,255 605,000 62,975
2029 1,295,000 142,973 635,000 43,787
2030 1,205,000 109,294 655,000 23,025
2031 1,065,000 79,831 305,000 4,876
2032 890,000 55,564 - -
2033 720,000 35,433 - -
2034 525,000 20,086 - -
2035 325,000 10,780 - -
2036 325,000 4,660 - -
2037 100,000 800
Total $16,495,000 $2,565,941 $5,345,000 $822,443
G.O. Tax Increment BondsG.O. Improvement Bonds
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Year Ending
December 31 Principal Interest Principal Interest Principal Interest
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 $1,995,000 $308,650 $1,150,000 $39,210 $2,500,000 $167,306
Revenue Bonds
G.O. LeaseG.O. Tax
Abatement Bonds
Other General
Obligation Bonds
Governmental Activities
Year Ending
December 31 Principal Interest
2022 $140,000 $7,400
2023 145,000 4,550
2024 155,000 1,550
Total $440,000 $13,500
Revenue Bonds
Business-Type Activities
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2021, was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement bonds $15,780,000 $2,970,000 ($2,255,000) $16,495,000 $1,320,000
G.O. tax increment refunding bonds 5,795,000 - (450,000) 5,345,000 475,000
G.O. tax abatement bonds 2,245,000 - (250,000) 1,995,000 255,000
G.O. lease revenue refunding bonds 1,505,000 - (355,000) 1,150,000 370,000
G.O. refunding bonds 2,205,000 - (530,000) 1,675,000 545,000
G.O. street reconstruction bonds 610,000 - (145,000) 465,000 150,000
G.O. equipment certificates 415,000 - (55,000) 360,000 55,000
Total bonds payable 28,555,000 2,970,000 (4,040,000) 27,485,000 3,170,000
Unamortized bond premiums 934,554 137,040 (141,815) 929,779 -
Total bonded indebtedness 29,489,554 3,107,040 (4,181,815) 28,414,779 3,170,000
Compensated absences 680,618 445,354 (490,157) 635,815 213,835
Total governmental activities $30,170,172 $3,552,394 ($4,671,972) $29,050,594 $3,383,835
Business-type activities:
Revenue bonds $580,000 $ - ($140,000) $440,000 $140,000
Unamortized bond premiums 13,900 - (4,508) 9,392 -
Total bonded indebtedness 593,900 0 (144,508) 449,392 140,000
Compensated absences 197,492 143,106 (164,707) 175,891 59,155
Total business-type activities $791,392 $143,106 ($309,215) $625,283 $199,155
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, 2021 is backed by the full faith and credit of
the City, including improvement and revenue bond issues. Delinquent assessments receivable at December 31,
2021 totaled $2,526.
CURRENT REFUNDINGS
On May 18, 2021 the City issued $885,000 in General Obligation Refunding Bonds, Series 2021A with an
average interest rate of 2.0% to refund the 2022 through 2029 maturities aggregating $970,000 in principal
amount of the City’s General Obligation Bonds, Series 2013B with an average interest rate of 2.49% dated
April 23, 2013. $70,000 of funds on hand combined with net proceeds of $907,259 were used to retire all
outstanding principal of the refunded bonds on June 1, 2021.
The City refunded the Bonds to reduce its total debt service payments over seven years by $118,232 and to
obtain an economic gain (difference between the present value of the debt service payments on the old and new
debt) of $111,649.
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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
2021A Road Improvements 2021 road construction Special assessments 17%N/A 2021-2037 2,359,128 - 207,088
2021 Mill & Overlay Property tax levy 83%
2021A Refunding of 2013 road construction Special assessments 17%N/A 2013 - 2029 960,139 1,103,953 98,756
2013B Road Improvements Property tax levy 83%
Special assessments 4%N/A
2020A Street Reconstruction 2020 road construction Property tax levy 96%2020-2036 3,540,000 89,520 22,890
2019A Improvement N/A
Refunding Refunding of 2010A Special assessments N/A 2019-2026 1,288,300 229,800 206,152
road reconstruction Property tax levy
N/A
2019A Tax Abatement 2019 Utility improvements, trails Tax abatement revenue N/A 2019-2035 1,342,800 97,800 101,181
Special assessments 30%N/A
2018A Improvement 2018 road construction Property tax levy 70%2018-2034 2,831,988 232,475 136,210
2017A Improvements Refunding of 2009A Special assessments 9%N/A
Refunding road reconstruction Property tax levy 91%2017-2025 763,950 189,075 192,575
2017A Tax Abatement Refunding of 2009A Tax abatement revenue 100% N/A 2017-2025 477,750 115,000 123,689
Refunding Emerald Park improvements
2017A Improvement 2017 road reconstruction Special assessments 17%N/A 2017 - 2033 2,556,050 221,825 153,499
Property tax levy 83%
2017A Equipment Certificate 2017 Equipment note Property tax levy 100% N/A 2017 - 2033 393,600 66,625 280,381
2016A Improvement 2016 road reconstruction Special assessments 52%N/A 2016 - 2032 1,245,144 115,038 95,767
Property tax levy 48%
2016B Tax Abatement Mirror Lake improvements and Tax abatement revenue 100% N/A 2016 - 2026 483,100 100,100 103,801
pedestrian safety improvements
2015A Road Improvements 2015 road construction Special assessments 19%N/A 2015-2031 2,027,931 210,263 181,502
Property tax levy 81%
2015B Tax Increment Refunding 2006B TIF Bonds Tax Increment 100% N/A 2015-2031 3,336,406 322,813 810,961
2014A Improvement 2014 road construction Special assessments 18%N/A 2014 - 2030 1,488,310 170,030 152,865
Property tax levy 82%
2014B Tax Increment Refunding 2007 TIF Bonds Tax Increment 100% N/A 2015 -2031 2,831,038 283,675 688,124
2014C Road Improvements Refunding of 2008A Property tax levy 100% N/A 2014 - 2024 485,663 159,275 150,747
Sikver Lake Road improvements
2013A G.O. Water/Sewer Refunding 2003B G.O. Charges for services 100% N/A 2013-2024 453,500 150,200 2,614,535
Revenue Refunding Water/Sewer Revenue Bonds
2012 road construction Special assessments 13%N/A
2012A Road Improvements Refunding Road improvement Property tax levy 87%2012 - 2028 1,788,043 574,450 181,713
Bonds 2006A,2007A
2012 building improvements 100% N/A
2012A Lease Revenue Refunding Lease Revenue Property tax levy 2012 - 2024 1,189,210 383,690 343,794
Bonds 2003A
2011B Improvements Refunding 2004A and 2005A Special assessments 13%N/A 2012 - 2020 - 136,350 296,610
Refunding Street Improvement Bonds Property tax levy 87%
Revenue Pledged Current Year
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 7 DEFINED BENEFIT PENSION PLANS – CITY
A. PLAN DESCRIPTION
The City participates in the following cost-sharing multiple-employer defined benefit pension plans
administered by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined
benefit pension plans are established and administered in accordance with Minnesota Statutes,
Chapters 353 and 356. PERA’s defined benefit pension plans are tax qualified plans under Section
401(a) of the Internal Revenue Code.
1. General Employees Retirement Fund (GERF)
All full-time (with the exception of employees covered by PEPFF) and certain part-time
employees of the City are covered by the General Employees Retirement Fund (GERF). GERF
members belong to 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 local relief associations
that elected to merge with and transfer assets and administration to PERA.
B. 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 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 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.
Benefit increases are provided to benefit recipients each January. The postretirement increase is
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
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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. For PEPFF members who were first hired prior to July 1, 1989, a
full annuity is available when age plus years of service equal at least 90.
Benefit increases are provided to benefit recipients each January. The postretirement increase is
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.
C. 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 6.5% of their annual covered salary in
fiscal year 2021 and the City was required to contribute 7.5% for Coordinated Plan members. The
City’s contributions to the GERF for the year ended December 31, 2021 were $178,190. The
City’s contributions were equal to the required contributions as set by state statute.
2. PEPFF Contributions
Police and Fire members were required to contribute 11.80% of their annual covered salary in
fiscal year 2021 and the City was required to contribute 17.70%.. The City’s contributions to the
PEPFF for the year ended December 31, 2021 were $498,302. The City’s contributions were
equal to the required contributions as set by state statute.
D. PENSION COSTS
1. GERF Pension Costs
At December 31, 2021, the City reported a liability of $1,422,059 for its proportionate share of
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. 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 $43,405. The net pension liability was measured as of June 30, 2021, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
that date. The City’s proportion of the net pension liability was based on the City’s contributions
received by PERA during the measurement period for employer payroll paid dates from July 1,
2020 through June 30, 2021, relative to the total employer contributions received from all of
PERA’s participating employers. The City’s proportionate share was 0.0333% at the end of the
measurement period and 0.0341% for the beginning of the period.
City's proportionate share of the net pension liability $1,422,059
State of Minnesota’s proportionate share of the net
pension liability associated with the City 43,405
Total $1,465,464
For the year ended December 31, 2021, the City recognized pension expense of ($1,437) for its
proportionate share of the GERF’s pension expense. In addition, the City recognized an additional
$3,502 as pension expense (and grant revenue) for its proportionate share of the State of
Minnesota’s contribution of $16 million to the GERF.
At December 31, 2021, 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 $8,632 $43,519
Changes in actuarial assumptions 868,280 31,337
Net difference between projected
and actual investment earnings - 1,230,955
Changes in proportion 19,395 51,353
Contributions paid to PERA
subsequent to the measurement date 89,972 -
Total $986,279 $1,357,164
The $89,972 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, 2021. 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
2022 ($80,046)
2023 (22,752)
2024 (22,148)
2025 (335,911)
2026 -
Thereafter -
68
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
2. PEPFF Pension Costs
At December 31, 2021, the City reported a liability of $1,827,845 for its proportionate share of the
PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2021 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, 2020 through June 30, 2021, relative to the total employer contributions
received from all of PERA’s participating employers. The City’s proportionate share was
0.2368% at the end of the measurement period and 0.2369% for the beginning of the period.
The State of Minnesota also contributed $18 million to PEPFF during the plan fiscal year ended
June 30, 2021. The contribution consisted of $9 million in direct state aid that meets the definition
of a special funding situation and $9 million in supplemental state aid that does not meet the
definition of a special funding situation. The direct state aid was paid on October 1, 2020.
Thereafter, by October 1 of each year, the state will pay $9 million to the PEPFF until full funding
is reached or July 1, 2048, whichever is earlier. The $9 million in supplemental state aid will
continue until the fund is 90% funded, or until the State Patrol Plan (administered by the
Minnesota State Retirement System) is 90% funded, whichever occurs later. Strong asset returns
for the fiscal year ended 2021 will accelerate the phasing out of these state contributions, although
we do not anticipate them to be phased out during the fiscal year ending 2022.
The State of Minnesota is included as a non-employer contributing entity in the PEPFF Schedule
of Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting
Period Only (pension allocation schedules) for the $9 million in direct state aid. PEPFF
employers need to recognize their proportionate share of the State of Minnesota’s pension expense
(and grant revenue) under GASB 68 special funding situation accounting and financial reporting
requirements. For the year ended December 31, 2021, the City recognized pension expense of
($249,578) for its proportionate share of the Police and Fire Plan’s pension expense. The City
recognized an additional $14,969 as pension expense (and grant revenue) for its proportionate
share of the State of Minnesota’s contribution of $9 million to the PEPFF.
The State of Minnesota is not included as a non-employer contributing entity in the Police and
Fire Pension Plan pension allocation schedules for the $9 million in supplemental state aid. The
City also recognized $21,312 for the year ended December 31, 2021 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 Police and Fire Fund. At December 31, 2021, 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:
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
At December 31, 2021, 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 $350,633 $ -
Changes in actuarial assumptions 2,686,453 986,317
Net difference between projected
and actual investment earnings - 3,491,388
Changes in proportion 81,407 397,042
Contributions paid to PERA
subsequent to the measurement date 253,037 -
Total $3,371,530 $4,874,747
The $253,037 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, 2021. Other amounts reported as deferred
outflows and inflows of resources related to pensions will be recognized in pension expense as
outflows:
Year Ended Pension
December 31 Expense
2022 ($1,316,020)
2023 (413,142)
2024 (240,803)
2025 (374,224)
2026 587,935
Thereafter -
The net pension liability will be liquidated by the Employee Benefit Internal Service Fund.
E. ACTUARIAL ASSUMPTIONS
The total pension liability in the June 30, 2021 actuarial valuation was determined using an individual
entry-age normal actuarial cost method and the following actuarial assumptions:
Inflation 2.25% per year
Investment Rate of Return 6.50%
The long-term investment rate of return is based on a review of inflation and investment return
assumptions from a number of national investment consulting firms. The review provided a range of
investment return rates deemed to be reasonable by the actuary. An investment return of 6.50% was
deemed to be within that range of reasonableness for financial reporting purposes.
Salary growth assumptions in the GERF range in annual increments from 10.25% after one year of
service to 3.0% after 29 years of service and 6.0% per year thereafter. In the PEPFF, salary growth
assumptions range from 11.75% after one year of service to 3.0% after 24 years of service.
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Mortality rates for GERF were based on the Pub-2010 General Employee Mortality Table. Mortality
rates for PEPFF were based on the Pub-2010 Public Safety Employee Mortality tables. The tables are
adjusted slightly to fit PERA’s experience. Cost of living benefit increases after retirement are
assumed to be 1.25% per year for GERF and 1.0% per year for PEPFF.
Actuarial assumptions for GERF are reviewed every four years. The most recent four-year experience
study for GERF was completed in 2019. The assumption changes were adopted by the Board and
become effective with the July 1, 2020 actuarial valuation. The most recent four-year experience study
for PEPFF was completed in 2020 and adopted by the Board and became effective with the July 1,
2021 actuarial valuation.
The following changes in actuarial assumptions and plan provisions occurred in 2021:
General Employees Fund
Changes in Actuarial Assumptions:
The investment return and single discount rates were changed from 7.50% to 6.50% for financial
reporting purposes.
The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020.
Police and Fire Fund
Changes in Actuarial Assumptions:
The investment return and single discount rates were changed from 7.50% to 6.50% for financial
reporting purposes.
The inflation assumption was changed from 2.50% to 2.25%.
The payroll growth assumption was changed from 3.25% to 3.00%.
The base mortality tables for healthy annuitants, disabled annuitants and employees were changed
from RP-2014 tables to Pub-2010 Public Safety Mortality tables. The mortality improvement
scale was changed from MP-2019 to MN-2020.
Assumed salary increase and retirement rates were modified as recommended in the July 14, 2020
experience study. The changes result in a decrease in gross salary increase rates, slightly more
unreduced retirements and fewer assumed early retirements.
Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates.
The changes result in more assumed terminations.
Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49.
Overall, proposed rates result in more projected disabilities.
Assumed percent married for active female members was changed from 60% to 70%.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the
reasonableness on a regular basis of the long-term expected rate of return using a building-block
method in which best-estimate ranges of expected future rates of return are developed for each major
asset class. These ranges are combined to produce an expected long-term rate of return by weighting
the expected future rates of return by the target asset allocation percentages. The target allocation and
best estimates of geometric real rates of return for each major asset class are summarized in the
following table:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Domestic equity 33.5%5.10%
International equity 16.5%5.30%
Fixed income 25.0%0.75%
Private markets 25.0%5.90%
Total 100%
F. DISCOUNT RATE
The discount rate used to measure the total pension liability in 2021 was 6.5%. 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 GERF and the PEPFF was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return on
pension plan investments was applied to all periods of projected benefit payments to determine the
total pension liability.
G. PENSION LIABILITY SENSITIVITY
The following presents the City’s proportionate share of the net pension liability, 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 one percentage point lower or
one percentage point higher than the current discount rate:
1% Decrease in 1% Increase in
Discount Rate (5.5%) Discount Rate (6.5%) Discount Rate (7.5%)
Proportionate share of the
GERF net pension liability $2,900,275 $1,422,059 $209,093
Proportionate share of the
PEPFF net pension liability $5,803,099 $1,827,845 ($1,430,878)
H. 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.
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
I. PENSION EXPENSE
Pension expense recognized by the City for the year ended December 31, 2021 is as follows:
GERF $2,065
PEPFF (234,609)
Fire Relief (45,258)
Total ($277,802)
Note 8 DEFINED BENEFIT PENSION PLAN – FIRE DEPARMENT
A. PLAN DESCRIPTION
The City’s Fire Department participates in the Statewide Volunteer Firefighter Retirement Plan (SVF),
an agent multiple-employer lump-sum defined benefit pension plan administered by the Public
Employees Retirement Association of Minnesota (PERA). The SVF plan covers volunteer firefighters
of municipal fire departments or independent nonprofit firefighting corporations that have elected to
join the plan. At December 31, 2021 (measurement date), the plan covered 23 active firefighters and
10 vested terminated fire fighters whose pension benefits are deferred. The plan is established and
administered in accordance with Minnesota Statutes, Chapter 353G.
B. BENEFITS PROVIDED
The SVF provides lump-sum retirement, death, and supplemental benefits to covered firefighters and
survivors. Benefits are paid based on the number of years of service multiplied by a benefit level
approved by the City. Members are eligible for a lump-sum retirement benefit at 50 years of age with
five years of service. Plan provisions include a pro-rated vesting schedule that increases from 5 years
at 40 percent through 20 years at 100 percent.
C. CONTRIBUTIONS
The SVF is funded by fire state aid, investment earnings and, if necessary, employer contributions as
specified in Minnesota statutes, and voluntary City contributions. The State of Minnesota contributed
$60,530 in fire state aid to the plan for the year ended December 31, 2021. Required employer
contributions are calculated annually based on statutory provisions. The City was not statutorily
required to make any contributions to the SVF plan for the year ended December 31, 2021. The City’s
voluntary contributions to the SVF plan for the year ended December 31, 2021 were $7,890.
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
D. PENSION COSTS
At December 31, 2021, the City reported a net pension asset of $586,421 for the SVF plan. The net
pension asset was measured as of December 31, 2021. The total pension liability used to calculate the
net pension asset in accordance with GASB 68 was determined by PERA applying an actuarial
formula to specific census data certified by the fire department. The following table presents the
changes in net pension liability during the year.
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability (Asset)
(a) (b) (a) - (b)
Balance at December 31, 2020 $781,581 $1,203,904 ($422,323)
Changes for the year:
Service cost 28,986 - 28,986
Interest 48,237 - 48,237
Differences between expected and (58,248) - (58,248)
actual experience
Changes of assumptions - - -
Changes in benefit terms - - -
Contributions - employer - 7,890 (7,890)
Contributions - State of MN - 60,530 (60,530)
Contributions - employee - - -
Net investment income - 117,572 (117,572)
Benefit payments (13,240) (13,240) -
Administrative expense - (2,919) 2,919
Net changes 5,735 169,833 (164,098)
Balance at December 31, 2021 $787,316 $1,373,737 ($586,421)
Increase (Decrease)
There were no benefit provision changes during the measurement period.
For the year ended December 31, 2021, the City recognized pension expense of ($45,258).
At December 31, 2021, the City reported deferred inflows of resources from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ - $136,560
Changes of assumptions 12,295 13,623
Net differences between projected and
actual investment earnings - 87,831
Total $12,295 $238,014
74
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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
2022 ($45,197)
2023 (67,501)
2024 (58,008)
2025 (31,609)
2026 (8,498)
Thereafter (14,906)
E. ACTUARIAL ASSUMPTIONS
The total pension liability at December 31, 2021, was determined using the entry age normal actuarial
cost method and the following actuarial assumptions:
Retirement eligibility at the later of age 50 or 20 years of service
Investment rate of return of 6.0%
Inflation rate of 3.0%
The expected investment rate of return for 2021 is 6.0%, a .75% increase from 2020. The inflation rate
assumption is 3.0% for 2021, a .50% increase from 2020.
F. DISCOUNT RATE
The discount rate used to measure the total pension liability was 6.0%. The projection of cash flows
used to determine the discount rate assumed that contributions to the SVF plan will be made as
specified in statute. Based on that assumption and considering the funding ratio of the plan, the
fiduciary net position was projected to be available to make all projected future benefit payments of
current active and inactive 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.
G. PENSION LIABILITY SENSITIVITY
The following presents the City’s net pension asset for the SVF plan, calculated using the discount rate
disclosed in the preceding paragraph, as well as what the City’s net pension asset would be if it were
calculated using a discount rate 1% lower or 1% higher than the current discount rate:
Current
1% Decrease Discount Rate 1% Increase
(5.0%)(6.0%)(7.0%)
Net pension liability (asset) ($560,562) ($586,421) ($610,148)
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
H. PLAN INVESTMENTS
1. Investment Policy
The Minnesota State Board of Investment (SBI) is established by Article XI of the Minnesota
Constitution to invest all state funds. Its membership as specified in the Constitution is comprised
of the Governor (who is designated as chair of the Board), State Auditor, Secretary of State and
State Attorney General.
All investments undertaken by the SBI are governed by the prudent person rule and other
standards codified in Minnesota Statutes, Chapter 11A and Chapter 353G.
Within the requirements defined by state law, the SBI, with assistance of the SBI staff and the
Investment Advisory Council, establishes investment policies for all funds under its control.
These investment policies are tailored to the particular needs of each fund and specify investment
objectives, risk tolerance, asset allocation, investment management structure and specific
performance standards. Studies guide the on-going management of the funds and are updated
periodically.
2. Asset Allocation
To match the long-term nature of the pension obligations, the SBI maintains a strategic asset
allocation for the SVF that includes allocations to domestic equity, international equity, bonds and
cash equivalents. The long-term target asset allocation and long-term expected real rate of return
is the following:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Domestic equity 33.5%5.10%
International equity 16.5%5.30%
Fixed income 25.0%0.75%
Private markets 25.0%5.90%
Total 100%
The 6% long-term expected rate of return on pension plan investments was determined using a
building-block method. Best estimates for expected future real rates of return (expected returns,
net of inflation) were developed for each asset class using both long-term historical returns and
long-term capital market expectations from a number of investment management and consulting
organizations. The asset class estimates and the target allocations were then combined to produce
a geometric, long-term expected real rate of return for the portfolio. Inflation expectations were
applied to derive the nominal rate of return for the portfolio.
3. Description of Significant Investment Policy Changes During the Year
The SBI made no significant changes to their investment policy during fiscal year 2021 for the
Volunteer Firefighter Fund.
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
I. PENSION PLAN FIDUCIARY NET POSITION
Detailed information about the SVF plan’s fiduciary net position at June 30, 2021 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.
Note 9 DEFINED CONTRIBUTION PLAN
All city council members of the City of St. Anthony are covered by the Public Employees Defined Contribution
Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA. The PEDCP is a tax
qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of
employees are tax deferred until time of withdrawal.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative
expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and
employer contribution rates for those qualified personnel who elect to participate. An eligible elected official
who decides to participate contributes 5% of salary which is matched by the elected official's employer. For
ambulance service personnel, employer contributions are determined by the employer, and for salaried
employees, contributions must be a fixed percentage of salary. Employer contributions for volunteer personnel
may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to
make member contributions in an amount not to exceed the employer share. Employer and employee
contributions are combined and used to purchase shares in one or more of the seven accounts of the Minnesota
Supplemental Investment Fund. For administering the plan, PERA receives 2% of employer contributions and
twenty-five hundredths of 1% (.0025) of the assets in each member's account annually.
Total contributions made by the City during fiscal year 2021 were:
Required
Employer
Employee (Pension Expense) Employee Employer Rate
$1,553 $1,553 5% 5% 5%
Contribution Amount Percentage of Covered Payroll
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 10 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 2021, 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
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, 2021 actuarial valuation, participants of the plan consisted of:
Active employees 56
Inactive employees or beneficiaries
currently receiving benefits 4
Total 60
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
D. TOTAL OPEB LIABILITY AND CHANGES IN TOTAL OPEB LIABILITY
The City’s total OPEB liability of $692,246 was measured as of December 31, 2020 and was
determined by an actuarial valuation as of January 1, 2021. Changes in the total OPEB liability during
2021 were:
Balance - beginning of year $614,487
Changes for the year:
Service cost 62,011
Interest 18,122
Changes of benefit terms -
Differences between expected and actual experience 8,294
Changes in assumptions 19,545
Benefit payments (30,213)
Net changes 77,759
Balance - end of year $692,246
Changes in assumptions reflect a change in the discount rate from 4.09% in 2020 to 2.74% in 2021.
E. ACTUARIAL ASSUMPTIONS AND OTHER INPUTS
The total OPEB liability in the January 1, 2021 actuarial valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement, unless
otherwise specified:
Inflation 3.25%
Salary increases 3.25% for Police and Fire after 25 years of service and
after 26 years of service for all other employees
Discount rate 2.12%
Investment rate of return NA
Healthcare cost trend rates 7.33% for 2021, 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, 2019, obtained from
the Bond Buyer 20-Bond G.O. index.
Mortality and retirement rates are the rates used in the PERA plan of which the employee, retiree or
beneficiary is a participant.
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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
(1.12%) (2.12%) (3.12%)
Total OPEB liability $737,570 $692,246 $647,553
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
(6.33% decreasing to 4%) (7.33% decreasing to 5%) (8.33% decreasing to 6%)
Total OPEB liability $603,988 $692,246 $796,924
H. OPEB EXPENSE AND DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES
RELATED TO OPEB
For the year ended December 31, 2021, the City recognized $10,090 of OPEB expense. At December
31, 2021, 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 $71,406 $30,856
Differences between expected
and actual experience $7,407 273,445
Contributions subsequent to
the measurement date 30,213 -
Total
$109,026 $304,301
$30,213 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, 2021.
80
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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
2022 ($30,782)
2023 (30,782)
2024 (30,782)
2025 (30,782)
2026 (30,782)
Thereafter (71,578)
Note 11 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS
Individual fund interfund receivable and payable balances at December 31, 2021 are as follows:
Fund Receivable Payable
Governmental activities:
Major funds:
General Fund $194,094 $ -
Street Improvement Project Fund - 194,094
Total $194,094 $194,094
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, 2021 are as follows:
Fund Receivable Payable Purpose
Major funds:
Public Utilities
Infrastructure $1,158,249 $ -
HRA TIF Improvements 1,369,416 2,328,742 Provide financing for pay off of Fannie Mae loan
Nonmajor funds:
Revolving Improvement - 16,860 Provide financing for Arbors Alley
Park Improvement Fund - 182,063 Provide financing for tennis court maintenance
-
Total $2,527,665 $2,527,665
81
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Interfund transfers:
Street Nonmajor Internal
General Improvement Governmental Service
Fund Debt Service Funds Fund Total
Governmental activities:
General Fund $ - $ - $468,296 $86,300 $554,596
HRA TIF Improvements 15,000 - 606,488 - 621,488
Nonmajor 9,729 156,728 217,450 - 383,907
Business-type activities:
Liquor 250,000 - - - 250,000
Total transfers $274,729 $156,728 $1,292,234 $86,300 $1,809,991
Transfer out
Major Funds
Transfer In
Governmental Activities
All 2021 transfers are considered routine and consistent with previous practices.
Note 12 DEFICIT FUND BALANCES/NET POSITION
The City has deficit fund balances/net position at December 31, 2021 as follows:
Fund Amount
Nonmajor funds:
Internal Service Fund $6,341,646
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.
Note 13 CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self-insurance program through the
League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the
LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The
LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by
law. The City has no deductible and a managed care program to assist employees with their
rehabilitation plan. Annual employee hours of service are audited and final premiums are then
determined. The amount of premium adjustment, if any, is considered immaterial and not recorded
until received or paid.
Property, casualty and automobile insurance coverage are provided through a pooled self-insurance
program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to
82
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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 for any of the past three fiscal years.
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, 2021.
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:
83
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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 $714,668. At December 31,
2021, the principal amount outstanding on the note was $2,340,502.
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 $66,526. At December 31, 2021, 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 $194,301. At December 31, 2021, the principal amount
outstanding on the note was $194,301.
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 14 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General obligation bond issues sold by the City are financed by ad valorem tax levies and improvement bond
issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied
against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax
levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County
Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are
subject to cancellation when and if the City has provided alternative sources of financing. The City Council is
required to levy any additional taxes found necessary for full payment of principal and interest.
84
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
These future scheduled tax levies are not shown as assets in the accompanying financial statements at December
31, 2021.
Note 15 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2021, a summary of the governmental fund balance classifications are as follows:
Street
Improvement Street Public
Debt HRA TIF Improvement Utilities
General Fund Service Projects Projects Infrastructure Other Funds Total
Nonspendable:
Prepaid items $133,031 $ - $528 $ - $ - $35,425 $168,984
Inventory 13,549 - - - - - 13,549
Total nonspendable 146,580 0 528 0 0 35,425 182,533
Restricted for:
Tax increment - - 2,131,346 - - - 2,131,346
Public safety - - - - - 39,084 39,084
Capital Improvements - - - 171,860 - - 171,860
Debt service - 4,021,817 - - - 1,032,751 5,054,568
Total restricted 0 4,021,817 2,131,346 171,860 0 1,071,835 7,396,858
Committed to:
Community Center 150,347 150,347
Redevelopment activities - - - - - 186,826 186,826
Total committed 0 0 0 0 0 337,173 337,173
Assigned to:
Street improvements/rehabilitiation - - - 69,768 - - 69,768
Building improvements - - - - - 681,915 681,915
Public utilities infrastructure - - - - 4,217,503 - 4,217,503
Parks and recreation - - - - - 137,055 137,055
Other capital improvements - - - - - 1,526,212 1,526,212
Total assigned 0 0 0 69,768 4,217,503 2,345,182 6,632,453
Unassigned 3,730,206 - - - - - 3,730,206
Total $3,876,786 $4,021,817 $2,131,874 $241,628 $4,217,503 $3,789,615 $18,279,223
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 35-50% of the subsequent year’s budgeted operating expenditures (net of expenditures
for police and financial services to other cities). At December 31, 2021, the unassigned fund balance
of the General Fund was 53% of the subsequent year’s budgeted expenditures.
85
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 16 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, 2021, there was one series of Multi-family Housing Revenue Bonds outstanding. The
aggregate issued amount was $16,950,000 which consists of one 2013 issue of $16,950,000. The balance
outstanding at December 31, 2021 is unavailable.
Note 17 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City’s legal debt margin for 2021 and 2020 is computed as follows:
December 31, December 31,
2021 2020
Market value:
Ramsey County $428,489,400 $381,988,800
Hennepin County 747,604,900 712,852,200
Total market value 1,176,094,300 1,094,841,000
Debt limit percentage 3%3%
Debt limit 35,282,829 32,845,230
Amount of debt applicable to debt limit:
Total bonded debt 27,925,000 29,135,000
Less nonapplicable debt:
Revenue bonds (water, sewer)(440,000) (580,000)
Tax abatement bonds (1,995,000) (2,245,000)
Improvement bonds (18,170,000) (17,985,000)
Tax increment bonds (5,345,000) (5,795,000)
Cash and investments in applicable debt
service funds (748,130) (796,747)
Total amount of debt applicable to debt limit 1,226,870 1,733,253
Legal debt margin $34,055,959 $31,111,977
86
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
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. 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.
Statement No. 96 Subscription – Based Information Technology 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
On May 26, 2022, the City issued $2,385,000 of Series 2022A General Obligation Improvement Bonds to
finance 2022 improvement projects.
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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, 2021
With Comparative Totals For December 31, 2020
2021 2020
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Revenues:
General property taxes $4,882,357 $4,882,357 $4,979,581 $97,224 $4,869,556
Special assessments - - 5,369 5,369 609
Licenses and permits 260,601 260,601 1,116,447 855,846 318,232
Intergovernmental:
Federal:
Public safety grants 45,500 45,500 44,876 (624) 741,865
State:
Local governement aid 640,386 640,386 640,386 - 613,302
Police aid 198,076 198,076 205,489 7,413 205,476
Municipal state aid - street maintenance 99,302 99,302 93,988 (5,314) 103,441
PERA aid 7,197 7,197 - (7,197) -
County:
Other 10,500 10,500 36,082 25,582 9,856
Local:
School District DARE 14,500 14,500 - (14,500) 16,326
Other 5,250 5,250 5,064 (186) 1,064
Total intergovernmental 1,020,711 1,020,711 1,025,885 5,174 1,691,330
Charges for services:
Police contracts 773,218 773,218 773,218 - 747,071
Antenna rental - water tower 62,376 62,376 62,401 25 60,280
Other 180,704 180,704 191,119 10,415 246,466
Total charges for services 1,016,298 1,016,298 1,026,738 10,440 1,053,817
Cable franchise fees 94,500 94,500 103,768 9,268 95,517
Fines and forfeits 73,876 73,876 113,163 39,287 75,574
Contributions and donations 1,000 1,000 610 (390) 400
Other revenue:
Investment income 21,000 21,000 (8,752) (29,752) 36,153
Refunds and reimbursments 12,000 12,000 6,108 (5,892) 14,998
Miscellaneous - other 19,000 19,000 46,785 27,785 40,768
Total other revenue 52,000 52,000 44,141 (7,859) 91,919
Total revenues 7,401,343 7,401,343 8,415,702 1,014,359 8,196,954
Expenditures:
General government:
Mayor and council:
Current:
Personal services 40,735 40,735 40,810 (75) 44,288
Other services and charges 65,233 65,233 68,919 (3,686) 58,944
Total mayor and council 105,968 105,968 109,729 (3,761) 103,232
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, 2021
With Comparative Totals For December 31, 2020
2021 2020
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
Public relations/cable:
Current:
Personal services $11,777 $11,777 $12,312 ($535) $11,435
Supplies 1,454 1,454 - 1,454 44
Other services and charges 36,320 36,320 40,370 (4,050) 35,454
Total public relations/cable 49,551 49,551 52,682 (3,131) 46,933
General management:
Current:
Personal services 184,345 184,345 127,209 57,136 179,531
Supplies 255 255 197 58 183
Other services and charges 20,676 20,676 18,636 2,040 16,815
Total general management 205,276 205,276 146,042 59,234 196,529
Elections:
Current:
Personal services 127,093 127,093 118,192 8,901 118,981
Supplies 536 536 1,927 (1,391) 1,863
Other services and charges 2,685 2,685 2,916 (231) 4,596
Total elections 130,314 130,314 123,035 7,279 125,440
Finance:
Current:
Personal services 173,238 173,238 180,436 (7,198) 169,046
Supplies 10,142 10,142 8,923 1,219 8,707
Other services and charges 140,523 140,523 128,750 11,773 129,012
Total finance 323,903 323,903 318,109 5,794 306,765
Assessing:
Current:
Personal services 4,983 4,983 4,759 224 4,548
Supplies 173 173 56 117 83
Other services and charges 71,160 71,160 71,000 160 69,000
Total assessing 76,316 76,316 75,815 501 73,631
Legal:
Current:
Contracted services 142,250 142,250 100,099 42,151 79,720
Planning and zoning:
Current:
Personal services 14,760 14,760 14,535 225 12,931
Supplies 138 138 155 (17) 35
Other services and charges 77,808 77,808 73,288 4,520 70,837
Total planning and zoning 92,706 92,706 87,978 4,728 83,803
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, 2021
With Comparative Totals For December 31, 2020
2021 2020
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Other services and charges $126,709 $126,709 $123,816 $2,893 $124,434
Total general government 1,252,993 1,252,993 1,137,305 115,688 1,140,487
Public safety:
Civil defense:
Current:
Personal services 85,988 85,988 85,731 257 82,075
Supplies 570 570 220 350 222
Other services and charges 2,550 2,550 2,178 372 1,340
Total civil defense 89,108 89,108 88,129 979 83,637
Other public safety
Current:
Personal services - - 16,339 (16,339) 103,851
Other services and charges - - - - 274,504
Total other public safety 0 0 16,339 (16,339) 378,355
Police protection:
Current:
Personal services 3,226,469 3,226,469 3,193,187 33,282 3,120,270
Supplies 90,084 90,084 82,552 7,532 75,113
Other services and charges 291,263 291,263 276,227 15,036 250,242
Total police protection 3,607,816 3,607,816 3,551,966 55,850 3,445,625
Fire protection:
Current:
Personal services 1,031,808 1,031,808 1,026,687 5,121 980,385
Supplies 33,561 33,561 43,386 (9,825) 37,220
Other services and charges 83,510 83,510 98,193 (14,683) 93,182
Total fire protection 1,148,879 1,148,879 1,168,266 (19,387) 1,110,787
Protective inspections:
Current:
Personal services 15,215 15,215 7,624 7,591 14,008
Supplies 150 150 - 150 154
Other services and charges 90,356 90,356 570,893 (480,537) 119,386
Total protective inspections 105,721 105,721 578,517 (472,796) 133,548
DARE program:
Current:
Personal services 12,119 12,119 11,218 901 10,981
Supplies 2,040 2,040 - 2,040 -
Total DARE program 14,159 14,159 11,218 2,941 10,981
Total public safety 4,965,683 4,965,683 5,414,435 (448,752) 5,162,933
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, 2021
With Comparative Totals For December 31, 2020
2021 2020
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Public works:
Street maintenance:
Current:
Personal services $489,505 $489,505 $405,363 $84,142 $462,909
Supplies 20,673 20,673 22,414 (1,741) 27,325
Other services and charges 137,634 137,634 124,088 13,546 104,724
Total street maintenance 647,812 647,812 551,865 95,947 594,958
Equipment maintenance:
Current:
Personal services 48,628 48,628 48,565 63 43,863
Supplies 109,865 109,865 74,291 35,574 142,749
Other services and charges 48,814 48,814 56,977 (8,163) 56,079
Total equipment maintenance 207,307 207,307 179,833 27,474 242,691
Tree and weed care:
Current:
Personal services 46,827 46,827 46,239 588 43,359
Supplies - - - - 40
Other services and charges 4,242 4,242 2,245 1,997 3,536
Total tree and weed care 51,069 51,069 48,484 2,585 46,935
Total public works 906,188 906,188 780,182 126,006 884,584
Parks and recreation:
Park maintenance:
Current:
Personal services 165,458 165,458 156,574 8,884 152,694
Supplies 16,126 16,126 18,005 (1,879) 15,700
Other services and charges 43,911 43,911 64,413 (20,502) 29,817
Total park maintenance 225,495 225,495 238,992 (13,497) 198,211
Recreation:
Current:
Community services 52,176 52,176 52,176 - 52,176
Total parks and recreation 277,671 277,671 291,168 (13,497) 250,387
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, 2021
With Comparative Totals For December 31, 2020
2021 2020
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Nondepartmental:
Supplies $47,500 $47,500 $24,599 $22,901 $13,869
Insurance deductible costs 15,000 15,000 9,350 5,650 14,606
Total nondepartmental 62,500 62,500 33,949 28,551 28,475
Total expenditures 7,465,035 7,465,035 7,657,039 (192,004) 7,466,866
Revenues over (under) expenditures (63,692) (63,692) 758,663 822,355 730,088
Other financing sources (uses):
Transfers in 265,000 265,000 274,729 9,729 262,500
Transfers out (186,751) (186,751) (554,596) (367,845) (185,388)
Total other financing sources (uses) 78,249 78,249 (279,867) (358,116) 77,112
Net change in fund balance $14,557 $14,557 478,796 $464,239 807,200
Fund balance - January 1 3,397,990 2,590,790
Fund balance - December 31 $3,876,786 $3,397,990
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, 2021
2021 2020 2019 2018
Total OPEB liability:
Service cost $62,011 $49,034 $66,821 $60,682
Interest 18,122 36,179 29,763 28,711
Changes of benefit terms - - - -
Differences between expected and actual experience 8,294 (347,833) - -
Changes in assumptions 19,545 52,159 (43,327) 21,006
Benefit payments (30,213) (21,165) (11,075) (10,672)
Net change in total OPEB liability 77,759 (231,626) 42,182 99,727
Total OPEB liability - beginning 614,487 846,113 803,931 704,204
Total OPEB liability - ending $692,246 $614,487 $846,113 $803,931
Covered-employee payroll $4,600,000 $4,500,000 $4,897,999 $4,627,624
Total OPEB liability as a percentage of covered-employee payroll 15.0% 13.7% 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%
2020 2020 0.0341%2,044,451 62,951 2,107,402 2,431,586 86.7% 79.1%
2021 2021 0.0333%1,422,059 43,405 1,465,464 2,398,987 61.1% 87.0%
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%
2020 184,656 184,656 - 2,462,125 7.50%
2021 178,190 178,190 - 2,375,875 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%
2020 2020 0.2369% 3,122,595 2,672,439 116.8% 87.2%
2021 2021 0.2368% 1,827,845 2,798,746 65.3% 93.7%
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%
2020 488,862 488,862 - 2,761,934 17.70%
2021 498,302 498,302 - 2,815,267 17.70%
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, 2021 December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 December 31, 2015
Total pension liability:
Service cost $28,986 $28,181 $40,799 $37,633 $37,542 $47,233 $44,095
Interest 48,237 46,153 42,195 40,951 44,308 31,829 30,759
Changes in benefit terms - - 35,173 26,091 - - -
Differences between expected and actual experience (58,248) (33,785) (71,654) - (35,041) - -
Changes of assumptions - - 15,462 - 2,699 (36,075) -
Benefit payments (13,240) - (27,928) (144,500) (7,260) (80,200) (25,472)
Net change in total pension liability 5,735 40,549 34,047 (39,825) 42,248 (37,213) 49,382
Total pension liability - beginning 781,581 741,032 706,985 746,810 704,562 741,775 692,393
Total pension liability - ending (a) $787,316 $781,581 $741,032 $706,985 $746,810 $704,562 $741,775
Plan fiduciary net position:
Contributions - employer $7,890 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Contributions - State of Minnesota 60,530 58,407 54,716 53,083 51,206 51,174 48,725
Contributions - employee - - - - - - -
Net investment income 117,572 150,122 98,394 (54,281) 93,511 39,971 (23,129)
Benefit payments (13,240) - (27,928) (144,500) (7,260) (80,200) (25,472)
Administrative expense (2,919) (12,185) (11,640) (11,547) (11,829) (8,653) (10,561)
Net change in plan fiduciary net position 169,833 202,344 119,542 (151,245) 131,628 8,292 (4,437)
Plan fiduciary net position - beginning 1,203,904 1,001,560 882,018 1,033,263 901,635 893,343 897,780
Plan fiduciary net position - ending (b) $1,373,737 $1,203,904 $1,001,560 $882,018 $1,033,263 $901,635 $893,343
Net pension liability (asset) - ending (a) - (b) ($586,421) ($422,323) ($260,528) ($175,033) ($286,453) ($197,073) ($151,568)
Plan fiduciary net position as a percentage of the
total pension liability 174.5% 154.0% 135.2% 124.8% 138.4% 128.0% 120.4%
Covered-employee payroll* NA NA NA NA NA NA NA
Net pension liability as a percentage of covered
employee payroll* NA NA NA NA NA NA NA
Pension benefit per year of service $3,800 $3,800 $3,800 $3,500 $3,300 $3,300 $3,300
Number of plan participants 31 33 30 33 35 32 32
*The Relief Association is comprised of volunteers, therefore there are no payroll expenditures.
GASB 68 was implemented in 2015. Information prior to 2015 is not available.
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 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 $22,977 $22,977 $ - $ - NA
2016 - 6,000 (6,000) - NA
2017 - 6,000 (6,000) - NA
2018 - 6,000 (6,000) - NA
2019 - 6,000 (6,000) - NA
2020 - 6,000 (6,000) - NA
2021 - 7,890 (7,890) - 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.)
GASB 68 was implemented in 2015. Information prior to 2015 is not available.
See accompanying notes to the required supplementary information.
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CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2021
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
2021 Changes in Actuarial Assumptions:
The investment return and single discount rates were changed from 7.50% to 6.50% for financial
reporting purposes.
The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020.
2020 Changes in Actuarial Assumptions:
The price inflation assumption was decreased from 2.50% to 2.25%.
The payroll growth assumption was decreased from 3.25% to 3.00%.
Assumed salary increase rates were decreased 0.25% and assumed rates of retirement were
changed resulting in more unreduced (normal) retirements and slightly fewer Rule of 90 and early
retirements. Assumed rates of termination and disability were also changed.
Base mortality tables were changed from RP-2014 tables to Pub-2010 tables, with adjustments.
The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019.
The spouse age difference was changed from two years older for females to one year older.
The assumed number of married male new retirees electing the 100% Joint & Survivor option
changed from 35% to 45%. The assumed number of married female new retirees electing the
100% Joint & Survivor option changed from 15% to 30%. The corresponding number of married
new retirees electing the Life annuity option was adjusted accordingly.
2020 Changes in Plan Provisions:
Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020
through December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations
occurring after June 30, 2020.
2019 Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2017 to MP-2018.
2019 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 in Actuarial Assumptions:
The mortality projection scale was changed from MP-2015 to MP-2017.
The assumed benefit increase was changed from 1.00% per year through 2044 and 2.50% per year
thereafter to 1.25% per year.
103
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2021
2017 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 in Actuarial Assumptions:
The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2035
and 2.5% per year thereafter to 1.0% per year for all future years.
The assumed investment return was changed from 7.9% to 7.5%. The single discount rate was
changed from 7.9% to 7.5%.
Other assumptions were changed pursuant to the experience study dated June 30, 2015. The
assumed future salary increases, payroll growth, and inflation were decreased by 0.25% to 3.25%
for payroll growth and 2.50% for inflation.
PERA – Public Employees Police and Fire Fund
2021 Changes in Actuarial Assumptions:
The investment return and single discount rates were changed from 7.50% to 6.50% for financial
reporting purposes.
The inflation assumption was changed from 2.50% to 2.25%.
The payroll growth assumption was changed from 3.25% to 3.00%.
The base mortality tables for healthy annuitants, disabled annuitants and employees were changed
from RP-2014 tables to Pub-2010 Public Safety Mortality tables. The mortality improvement
scale was changed from MP-2019 to MN-2020.
Assumed salary increase and retirement rates were modified as recommended in the July 14, 2020
experience study. The changes result in a decrease in gross salary increase rates, slightly more
unreduced retirements and fewer assumed early retirements.
Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates.
The changes result in more assumed terminations.
Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49.
Overall, proposed rates result in more projected disabilities.
Assumed percent married for active female members was changed from 60% to 70%.
2020 Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2018 to MP-2019.
2019 Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2017 to MP-2018.
2018 Changes in Actuarial Assumptions:
The mortality projection scale was changed from MP-2016 to MP-2017.
2017 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.
104
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2021
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 percent 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% 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.
2016 Changes in Actuarial Assumptions:
The assumed post-retirement benefit increase rate was changed from 1.0% per year through 2037
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
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.
Statewide Volunteer Firefighter Retirement Plan*
2020 Changes in Actuarial Assumptions:
The assumed investment return and discount rate were changed from 5.25% to 6.00%.
2019 Changes in Actuarial Assumptions:
The assumed investment return and discount rate were changed from 5.75% to 5.25%.
2018 Changes in Actuarial Assumptions:
None
2017 Changes in Actuarial Assumptions:
The assumed investment return and discount rate were changed from 6.00% to 5.75%.
2016 Changes in Actuarial Assumptions:
The assumed investment return and discount rate were changed from 4.25% to 6.00%.
*The St. Anthony Fire Department joined the Statewide Volunteer Firefighter Retirement Plan during
December 2019. Changes in actuarial assumptions prior to 2020 occurred when the Fire Department’s
pension plan assets were held in a special pension trust fund of the St. Anthony Fire Department Relief
Association.
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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, 2021
With Comparative Totals For December 31, 2020
Special Debt Capital
Revenue Service Project 2021 2020
Assets
Cash and investments $386,557 $1,030,470 $2,564,548 $3,981,575 $3,605,867
Due from other governmental units - - 2,194 2,194 2,194
Accounts receivable - net 16,085 - 2,110 18,195 19,122
Property taxes receivable:
Delinquent 3,124 3,634 2,476 9,234 10,247
Due from county 1,689 4,221 3,314 9,224 9,071
Prepaid items 2,218 - 33,207 35,425 2,239
Loans receivable 5,786 - - 5,786 9,227
Special assessments receivable - - 4,760 4,760 6,347
Total assets $415,459 $1,038,325 $2,612,609 $4,066,393 $3,664,314
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $12,828 $1,940 $28,061 $42,829 $53,547
Due to other governmental units - - - - 62,798
Salaries payable 5,243 - - 5,243 1,552
Deposits payable 15,789 - - 15,789 24,549
Interfund loan payable - - 198,923 198,923 22,480
Total liabilities 33,860 1,940 226,984 262,784 164,926
Deferred inflows of resources:
Unavailable revenue 3,124 3,634 7,236 13,994 16,594
Fund balance (deficit):
Nonspendable 2,218 - 33,207 35,425 2,239
Restricted 39,084 1,032,751 - 1,071,835 1,109,640
Committed 337,173 - - 337,173 184,600
Assigned - - 2,345,182 2,345,182 2,186,315
Total fund balance (deficit) 378,475 1,032,751 2,378,389 3,789,615 3,482,794
Total liabilities, deferred inflows of
resources, and fund balance $415,459 $1,038,325 $2,612,609 $4,066,393 $3,664,314
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, 2021
With Comparative Totals For December 31, 2020
Special Debt Capital
Revenue Service Project 2021 2020
Revenues:
General property taxes $197,712 $573,309 $425,817 $1,196,838 $1,119,341
Intergovernmental 12,996 - - 12,996 1,442,998
Special assessments - - 2,095 2,095 2,013
Charges for services 131,082 - - 131,082 132,302
Fines and forfeits 7,531 - - 7,531 11,965
Investment income (loss) (1,190) (2,248) (8,416) (11,854) 47,246
Contributions and donations - - 263,025 263,025 650
Refunds and reimbursements 230 - 474 704 2,654
Total revenues 348,361 571,061 682,995 1,602,417 2,759,169
Expenditures:
Current:
General government 19,414 - - 19,414 29,497
Public safety 22,946 - - 22,946 6,342
Public works - - 93,199 93,199 53,007
Parks and recreation 163,501 - 181,251 344,752 152,647
Housing and redevelopment 130,471 - - 130,471 137,588
Capital outlay - - 334,011 334,011 515,405
Debt service:
Principal - 1,050,000 - 1,050,000 1,025,000
Interest - 221,903 3,245 225,148 245,828
Paying agent fees - 3,073 - 3,073 4,333
Total expenditures 336,332 1,274,976 611,706 2,223,014 2,169,647
Revenues over (under) expenditures 12,029 (703,915) 71,289 (620,597) 589,522
Other financing sources:
Sale of capital assets - - 19,091 19,091 -
Transfers in 183,602 673,938 434,694 1,292,234 941,295
Transfers out (69,729) - (314,178) (383,907) (410,710)
Total other financing sources 113,873 673,938 139,607 927,418 530,585
Net change in fund balance 125,902 (29,977) 210,896 306,821 1,120,107
Fund balance - January 1 252,573 1,062,728 2,167,493 3,482,794 2,362,687
Fund balance - December 31 $378,475 $1,032,751 $2,378,389 $3,789,615 $3,482,794
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. This fund
was closed in 2021.
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.
This fund was closed in 2021.
115
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2021
With Comparative Totals For December 31, 2020
Community Center
Fund Police Forfeiture Fund
Assets
Cash and investments $148,798 $54,873
Accounts receivable - net 15,821 -
Property taxes receivable:
Delinquent - -
Due from county - -
Prepaid items 1,758 -
Loans receivable - -
Total assets $166,377 $54,873
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $12,828 $ -
Deposits payable - 15,789
Salaries payable 1,444 -
Total liabilities 14,272 15,789
Deferred inflows of resources:
Unavailable revenue - -
Fund balance (deficit):
Nonspendable 1,758 -
Restricted - 39,084
Committed 150,347 -
Assigned - -
Total fund balance (deficit)152,105 39,084
Total liabilities, deferred inflows of
resources, and fund balance $166,377 $54,873
116
Statement 19
HRA Fund
2021 2020
$182,886 $386,557 $252,631
264 16,085 19,122
3,124 3,124 3,112
1,689 1,689 1,516
460 2,218 2,239
5,786 5,786 9,227
$194,209 $415,459 $287,847
$ - $12,828 $6,061
- 15,789 24,549
3,799 5,243 1,552
3,799 33,860 32,162
3,124 3,124 3,112
460 2,218 2,239
- 39,084 46,912
186,826 337,173 184,600
- - 18,822
187,286 378,475 252,573
$194,209 $415,459 $287,847
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, 2021
With Comparative Totals For December 31, 2020
Community Center
Fund
Police Forfeiture
Fund
Revenues:
General property taxes $ - $ -
Intergovernmental - -
Charges for services:
Administrative fees - -
Rental receipts 127,300 -
Fines and forfeits - 7,531
Investment income (loss)(539)(248)
Refunds and reimbursements - -
Total revenues 126,761 7,283
Expenditures:
Current:
General government - -
Public safety - 22,530
Parks and recreation 163,501 -
Housing and redevelopment - -
Total expenditures 163,501 22,530
Revenues over (under) expenditures (36,740)(15,247)
Other financing sources (uses):
Transfers in 183,602 -
Transfers out (60,000) -
Total other financing sources (uses)123,602 0
Net change in fund balance 86,862 (15,247)
Fund balance (deficit) - January 1 65,243 54,331
Fund balance (deficit) - December 31 $152,105 $39,084
118
Statement 20
Recycling Fund HRA Fund
Fire Education /
Training Fund
2021 2020
$ - $197,712 $ - $197,712 $185,517
12,996 - - 12,996 13,067
3,561 - 221 3,782 5,002
- - - 127,300 127,300
- - - 7,531 11,965
- (403) - (1,190)1,999
- 230 - 230 460
16,557 197,539 221 348,361 345,310
19,414 - - 19,414 29,212
- - 416 22,946 6,342
- - - 163,501 146,197
- 130,471 - 130,471 137,588
19,414 130,471 416 336,332 319,339
(2,857)67,068 (195)12,029 25,971
- - - 183,602 99,088
(2,096) - (7,633)(69,729) -
(2,096)0 (7,633)113,873 99,088
(4,953)67,068 (7,828)125,902 125,059
4,953 120,218 7,828 252,573 127,514
$0 $187,286 $0 $378,475 $252,573
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.
HRA TIF Debt Service Fund (335/336) was established to account for debt
associated with Tax Increment Financing Districts of the City.
121
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 21
NONMAJOR DEBT SERVICE FUNDS
December 31, 2021
With Comparative Totals For December 31, 2020
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
HRA TIF Debt
Service
2021 2020
Assets
Cash and investments $525,882 $277,422 $59,652 $163,925 $3,589 $1,030,470 $1,059,923
Property taxes receivable:
Delinquent 2,200 778 - 656 - 3,634 4,432
Due from county 2,538 917 - 766 - 4,221 4,576
Total assets $530,620 $279,117 $59,652 $165,347 $3,589 $1,038,325 $1,068,931
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $200 $160 $155 $475 $950 $1,940 $1,771
Deferred inflows of resources:
Unavailable revenue 2,200 778 - 656 - 3,634 4,432
Fund balance:
Restricted 528,220 278,179 59,497 164,216 2,639 1,032,751 1,062,728
Total liabilities, deferred inflows
of resources, and fund balance $530,620 $279,117 $59,652 $165,347 $3,589 $1,038,325 $1,068,931
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, 2021
With Comparative Totals For December 31, 2020
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
HRA TIF Debt
Service
2021 2020
Revenues:
General property taxes $344,814 $124,367 $ - $104,128 $ - $573,309 $564,902
Investment income (loss) (1,020) (678) (209) (328) (13) (2,248) 11,043
Total revenues 343,794 123,689 (209) 103,800 (13) 571,061 575,945
Expenditures:
Debt service:
Principal 355,000 100,000 55,000 90,000 450,000 1,050,000 1,025,000
Interest 28,690 15,000 11,625 10,100 156,488 221,903 244,351
Paying agent fees 389 348 344 664 1,328 3,073 4,333
Total expenditures 384,079 115,348 66,969 100,764 607,816 1,274,976 1,273,684
Revenues over (under) expenditures (40,285) 8,341 (67,178) 3,036 (607,829) (703,915) (697,739)
Other financing sources (uses):
Transfers in - - 67,450 - 606,488 673,938 692,207
Total other financing sources (uses) 0 0 67,450 0 606,488 673,938 692,207
Net change in fund balance (40,285) 8,341 272 3,036 (1,341) (29,977) (5,532)
Fund balance - January 1 568,505 269,838 59,225 161,180 3,980 1,062,728 1,068,260
Fund balance - December 31 $528,220 $278,179 $59,497 $164,216 $2,639 $1,032,751 $1,062,728
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, 2021
With Comparative Totals For December 31, 2020
Infrastructure
Fund
Park
Improvement
Capital
Equipment
Fund
Building
Improvement
Fund
2021 2020
Assets
Cash and investments $700,062 $325,055 $840,767 $698,664 $2,564,548 $2,293,313
Due from other governmental units 2,194 - - - 2,194 2,194
Accounts receivable - net - - 2,110 - 2,110 -
Property taxes receivable:
Delinquent 204 - 1,751 521 2,476 2,703
Due from county 617 - 2,086 611 3,314 2,979
Prepaid items - - 33,207 - 33,207 -
Special assessment receivable 4,760 - - - 4,760 6,347
Total assets $707,837 $325,055 $879,921 $699,796 $2,612,609 $2,307,536
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $5,937 $4,764 $17,360 $28,061 $45,715
Due to other governmental units - - - - - 62,798
Interfund loan payable 16,860 182,063 - - 198,923 22,480
Total liabilities 16,860 188,000 4,764 17,360 226,984 130,993
Deferred inflows of resources:
Unavailable revenue 4,964 - 1,751 521 7,236 9,050
Fund balance (deficit):
Nonspendable - - 33,207 - 33,207 -
Assigned 686,013 137,055 840,199 681,915 2,345,182 2,167,493
Total fund balance (deficit) 686,013 137,055 873,406 681,915 2,378,389 2,167,493
Total liabilities, deferred inflows
of resources, and fund balance $707,837 $325,055 $879,921 $699,796 $2,612,609 $2,307,536
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, 2021
With Comparative Totals For December 31, 2020
Infrastructure
Fund
Park
Improvement
Capital
Equipment Fund
Building
Improvement
Fund
2021 2020
Revenues:
General property taxes $59,782 $ - $283,069 $82,966 $425,817 $368,922
Intergovernmental - - - - - 1,429,931
Special assessments 2,095 - - - 2,095 2,013
Investment income (loss)(2,699)(778) (2,689) (2,250) (8,416) 34,204
Contributions and donations - 259,000 4,025 - 263,025 650
Refunds and reimbursements - - 474 - 474 2,194
Total revenues 59,178 258,222 284,879 80,716 682,995 1,837,914
Expenditures:
Current:
General government - - - - - 285
Public works 93,199 - - - 93,199 53,007
Parks and recereation - 181,251 - - 181,251 6,450
Capital outlay - 3,766 253,802 76,443 334,011 515,405
Debt service:
Interest 1,182 2,063 - - 3,245 1,477
Total expenditures 94,381 187,080 253,802 76,443 611,706 576,624
Revenues over (under) expenditures (35,203) 71,142 31,077 4,273 71,289 1,261,290
Other financing sources (uses):
Sale of capital assets - - 19,091 - 19,091 -
Transfers in - - 215,000 219,694 434,694 150,000
Transfers out (246,728) - (67,450) - (314,178) (410,710)
Total other financing sources (uses) (246,728)0 166,641 219,694 139,607 (260,710)
Net change in fund balance (281,931) 71,142 197,718 223,967 210,896 1,000,580
Fund balance (deficit) - January 1 967,944 65,913 675,688 457,948 2,167,493 1,166,913
Fund balance (deficit) - December 31 $686,013 $137,055 $873,406 $681,915 $2,378,389 $2,167,493
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, 2021
With Comparative Totals For December 31, 2020
2020
Original Final Actual Actual
Revenues:
Charges for services:
Rental receipts $127,300 $127,300 $127,300 $127,300
Investment income 425 425 (539) -
Total revenues 127,725 127,725 126,761 127,300
Expenditures:
Parks and recreation:
Current:
Personal services 45,135 45,135 43,449 42,950
Supplies 6,150 6,150 4,850 5,769
Contractual services 113,776 113,776 115,202 97,478
Total expenditures 165,061 165,061 163,501 146,197
Revenues over (under) expenditures (37,336) (37,336) (36,740) (18,897)
Other financing sources (uses):
Transfer in 100,451 100,451 183,602 96,588
Transfer out (60,000) (60,000) (60,000) -
Total other financing sources (uses)40,451 40,451 123,602 96,588
Net change in fund balance $3,115 $3,115 86,862 77,691
Fund balance (deficit) - January 1 65,243 (12,448)
Fund balance (deficit) - December 31 $152,105 $65,243
2021
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, 2021
With Comparative Totals For December 31, 2020
2020
Original Final Actual Actual
Revenues:
Forfeiture and confiscation $2,750 $2,750 $7,531 $11,965
Investment income 425 425 (248)1,009
Total revenues 3,175 3,175 7,283 12,974
Expenditures:
Public safety:
Current:
Supplies 16,000 16,000 18,530 937
Other services and charges 4,000 4,000 4,000 4,000
Total expenditures 20,000 20,000 22,530 4,937
Revenues over (under) expenditures ($16,825) ($16,825) (15,247)8,037
Fund balance - January 1 54,331 46,294
Fund balance - December 31 $39,084 $54,331
2021
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, 2021
With Comparative Totals For December 31, 2020
2020
Original Final Actual Actual
Revenues:
Intergovernmental:
Recycling grants $13,067 $13,067 $12,996 $13,067
Charges for services 4,500 4,500 3,561 3,218
Investment income 50 50 - 119
Total revenues 17,617 17,617 16,557 16,404
Expenditures:
General government:
Current:
Personal services 11,551 11,551 11,939 11,435
Other services and charges 8,025 8,025 7,475 17,777
Total expenditures 19,576 19,576 19,414 29,212
Revenues over (under) expenditures ($1,959) ($1,959)(2,857) (12,808)
Other financing sources (uses):
Transfer in - - - 2,500
Transfer out - - (2,096) -
Total other financing sources (uses) - - (2,096)2,500
Net change in fund balance ($1,959) ($1,959)(4,953) (10,308)
Fund balance - January 1 4,953 15,261
Fund balance - December 31 $0 $4,953
2021
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, 2021
With Comparative Totals For December 31, 2020
2020
Original Final Actual Actual
Revenues:
General property taxes $197,564 $197,564 $197,712 $185,517
Refunds and reimbursements 500 500 230 460
Investment income 75 75 (403)746
Total revenues 198,139 198,139 197,539 186,723
Expenditures:
Housing and redevelopment:
Current:
Personal services 109,506 109,506 112,407 108,195
Contractual services 54,855 54,855 18,064 29,393
Total expenditures 164,361 164,361 130,471 137,588
Revenues over expenditures $33,778 $33,778 67,068 49,135
Fund balance - January 1 120,218 71,083
Fund balance - December 31 $187,286 $120,218
2021
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, 2021
With Comparative Totals For December 31, 2020
2020
Original Final Actual Actual
Revenues:
Charges for services $850 $850 $221 $1,784
Investment income - - - 125
Miscellaneous 25 25 - -
Total revenues 875 875 221 1,909
Expenditures:
Public safety:
Current:
Personal services 750 750 80 830
Materials and supplies 650 650 336 575
Total expenditures 1,400 1,400 416 1,405
Revenues over expenditures (525)(525)(195)504
Other financing sources (uses):
Transfer in - - (7,633) -
Total other financing sources (uses) - - (7,633) -
Net change in fund balance (525)(525)(7,828)504
Fund balance - January 1 7,828 7,324
Fund balance - December 31 $0 $7,828
2021
Budgeted Amounts
132
SUPPLEMENTARY FINANCIAL INFORMATION
133
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
STREET IMPROVEMENT DEBT SERVICE FUND
December 31, 2021
With Comparative Totals For December 31, 2020
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
2013 Street
Improvement
Bond Fund
Assets
Cash and investments $920,427 $162,596 $196,673 $88,687 $150,056 $335,281 $177,107
Property taxes receivable:
Delinquent 2,337 988 1,134 426 693 821 590
Due from county 2,612 1,109 1,363 507 1,143 1,298 1,207
Special assessments receivable 17,791 - 35,028 13,172 38,192 135,791 77,464
Total assets $943,167 $164,693 $234,198 $102,792 $190,084 $473,191 $256,368
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $475 $160 $150 $150 $275 $200
Deposits payable - - - - - - -
Total liabilities 0 475 160 150 150 275 200
Deferred inflows of resources:
Unavailable revenue 20,128 988 36,161 13,598 38,885 136,612 78,054
Fund balance:
Restricted 923,039 163,230 197,877 89,044 151,049 336,304 178,114
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$943,167 $164,693 $234,198 $102,792 $190,084 $473,191 $256,368
134
Exhibit 1
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
2020 Street
Improvement
Bond Fund
2021 Street
Improvement
Bond Fund
2021 2020
$173,507 $348,754 $266,755 $376,033 $479,652 $86,998 $195,835 $57,434 $4,015,795 $4,217,433
807 956 529 790 812 528 809 - 12,220 15,053
1,167 1,411 565 1,028 1,139 752 1,772 - 17,073 16,767
89,508 157,868 31,961 180,553 223,027 - 190,108 320,388 1,510,851 1,445,157
$264,989 $508,989 $299,810 $558,404 $704,630 $88,278 $388,524 $377,822 $5,555,939 $5,694,410
$475 $475 $475 $ - $475 $175 $475 $275 $4,235 $4,404
- 7,534 - - - - - - 7,534 3,393
475 8,009 475 0 475 175 475 275 11,769 7,797
90,315 158,824 31,772 181,343 223,839 528 190,918 320,388 1,522,353 1,438,728
174,199 342,156 267,563 377,061 480,316 87,575 197,131 57,159 4,021,817 4,247,885
$264,989 $508,989 $299,810 $558,404 $704,630 $88,278 $388,524 $377,822 $5,555,939 $5,694,410
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, 2021
With Comparative Totals For December 31, 2020
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 $296,610 $150,959 $181,443 $68,825 $121,754 $142,661
Intergovernmental - - - - - -
Special assessments 19,855 - 13,463 3,472 12,454 28,191
Investment income (loss) (2,436) (213) (223) (138) (215) (780)
Total revenues 314,029 150,746 194,683 72,159 133,993 170,072
Expenditures:
Public works:
Professional service 84 - 297 222 242 273
Debt service:
Principal 520,000 145,000 165,000 80,000 100,000 145,000
Interest 17,037 14,275 24,075 21,000 28,800 28,763
Paying agent fees 569 664 160 150 150 275
Issuance costs - - - - - -
Total expenditures 537,690 159,939 189,532 101,372 129,192 174,311
Revenues over (under) expenditures (223,661) (9,193) 5,151 (29,213) 4,801 (4,239)
Other financing sources (uses):
Bonds issued - - - - - -
Refunding bonds issued - - - - - -
Payment to refunding bond escrow agent - - - - - -
Premium on bonds issued - - - - - -
Transfers in 50,000 - 35,000 41,728 30,000 -
Total other financing sources (uses) 50,000 0 35,000 41,728 30,000 0
Net change in fund balance (173,661) (9,193) 40,151 12,515 34,801 (4,239)
Fund balance - January 1 1,096,700 172,423 157,726 76,529 116,248 340,543
Fund balance - December 31 $923,039 $163,230 $197,877 $89,044 $151,049 $336,304
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
2020 Street
Improvement
Bond Fund
2021 Street
Improvement
Bond Fund
2021 2020
$84,627 $122,033 $144,016 $76,981 $84,864 $102,231 $101,273 $234,965 $ - $1,913,242 $1,943,591
- - - - - - - - - - -
14,590 31,109 38,398 19,522 69,651 35,436 - - 32,041 318,182 314,186
(461) (277) (827) (734) (1,017) (1,406)(91) (179)(76) (9,073) 46,578
98,756 152,865 181,587 95,769 153,498 136,261 101,182 234,786 31,965 2,222,351 2,304,355
235 268 446 687 277 740 382 475 - 4,628 5,087
200,000 130,000 165,000 90,000 155,000 150,000 60,000 - - 2,105,000 1,875,000
18,953 40,030 45,263 25,038 66,825 82,475 37,800 89,520 - 539,854 503,622
200 475 475 - - - - - 464 3,582 6,662
29,531 - - - - - - - - 29,531 -
248,919 170,773 211,184 115,725 222,102 233,215 98,182 89,995 464 2,682,595 2,390,371
(150,163) (17,908) (29,597) (19,956) (68,604) (96,954) 3,000 144,791 31,501 (460,244) (86,016)
- - - - - - - - 25,658 25,658 52,220
885,000 - - - - - - - - 885,000 -
(885,000) - - - - - - - - (885,000) -
51,790 - - - - - - - - 51,790 -
- - - - - - - - - 156,728 108,577
51,790 0 0 0 0 0 0 0 25,658 234,176 160,797
(98,373) (17,908) (29,597) (19,956) (68,604) (96,954) 3,000 144,791 57,159 (226,068) 74,781
276,487 192,107 371,753 287,519 445,665 577,270 84,575 52,340 - 4,247,885 4,173,104
$178,114 $174,199 $342,156 $267,563 $377,061 $480,316 $87,575 $197,131 $57,159 $4,021,817 $4,247,885
Street Improvement Debt
Service Fund
137
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 3
HRA TIF IMPROVEMENTS FUND
December 31, 2021
With Comparative Totals For December 31, 2020
Chandler Apache Apache
Place (Walmart) (Cub Foods)Eliminations
2021 2020
Assets
Cash and investments $187,467 $3,122,500 $423,634 $ - $3,733,601 $2,385,786
Accounts receivable - net - - - - - 25,027
Property taxes receivable:
Delinquent - 9,557 - - 9,557 13,371
Due from county - (149) - - (149) 3,895
Prepaid expenses - 528 - - 528 730
Interfund loan receivable 646,850 - 722,566 (1,369,416) - -
Land held for resale - 370,356 - - 370,356 370,356
Total assets $834,317 $3,502,792 $1,146,200 ($1,369,416) $4,113,893 $2,799,165
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $939,678 $ - $ - $939,678 $388,147
Deposits payable - 73,458 - - 73,458 -
Contracts payable - - - - - -
Interfund loans payable - 2,328,742 - (1,369,416) 959,326 959,326
Total liabilities 0 3,341,878 0 (1,369,416) 1,972,462 1,347,473
Deferred inflows of resources:
Unavailable revenue - 9,557 - - 9,557 13,371
Fund balance (deficit):
Nonspendable - 528 - - 528 730
Restricted 834,317 150,829 1,146,200 - 2,131,346 1,944,535
Unassigned - - - - - (506,944)
Total fund balance (deficit) 834,317 151,357 1,146,200 0 2,131,874 1,438,321
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $834,317 $3,502,792 $1,146,200 ($1,369,416) $4,113,893 $2,799,165
Tax Increment Financing Districts
Improvements Total
HRA TIF
138
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 4
IN FUND BALANCE
HRA TIF IMPROVEMENTS FUND
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
Chandler Apache Apache
Place (Walmart) (Cub Foods)
2021 2020
Revenues:
Tax increment collections $ - $2,474,570 $ - $2,474,570 $2,076,472
Investment income (loss) 25,293 (5,598) 27,505 47,200 83,295
Refunds and reimbursements - 13,720 - 13,720 16,977
Total revenues 25,293 2,482,692 27,505 2,535,490 2,176,744
Expenditures:
General government - 31,793 - 31,793 55,463
Housing and redevelopment 4,149 112,205 3,667 120,021 361,851
Debt service:
Interest - 93,150 - 93,150 93,150
Construction/acquisition costs - - - - 342
Developer incentives - 975,485 - 975,485 782,009
Total expenditures 4,149 1,212,633 3,667 1,220,449 1,292,815
Revenues over expenditures 21,144 1,270,059 23,838 1,315,041 883,929
Other financing sources (uses):
Transfers out (3,000) (612,488) (6,000) (621,488) (622,937)
Net change in fund balance 18,144 657,571 17,838 693,553 260,992
Fund balance (deficit) - January 1 816,173 (506,214) 1,128,362 1,438,321 1,177,329
Fund balance (deficit) - December 31 $834,317 $151,357 $1,146,200 $2,131,874 $1,438,321
Tax Increment Financing Districts
Improvements Total
HRA TIF
139
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 5
STREET IMPROVEMENT PROJECT FUND
December 31, 2021
With Comparative Totals For December 31, 2020
2019 Street
Improvement
Project Fund
2020 Street
Improvement
Project Fund
2021 Street
Improvement
Project Fund
2022 Street
Improvement
Project Fund
2021 2020
Assets
Cash and investments $780,100 $289,421 $360,825 $ - $1,430,346 $1,542,397
Due from other governmental units - - 25,000 25,000 50,000 45,625
Accounts receivable - net - - 2,500 - 2,500 -
Special assessments receivable - 45,501 - - 45,501 65,631
Total assets $780,100 $334,922 $388,325 $25,000 $1,528,347 $1,653,653
Liabilities and Fund Balance
Liabilities:
Accounts payable $5,000 $1,610 $6,767 $11,187 $24,564 $36,803
Contracts payable 723,247 45,378 228,934 - 997,559 552,807
Unearned revenue - - - 25,000 25,000 -
Interfund payable - - - 194,094 194,094 159,578
Total liabilities 728,247 46,988 235,701 230,281 1,241,217 749,188
Deferred inflows of resources:
Unavailable revenue - 45,502 - - 45,502 65,631
Fund balance (deficit):
Restricted - 171,860 - - 171,860 653,305
Assigned 51,853 70,572 152,624 (205,281) 69,768 185,529
Total fund balance (deficit)51,853 242,432 152,624 (205,281) 241,628 838,834
Total liabilities and fund balance $780,100 $334,922 $388,325 $25,000 $1,528,347 $1,653,653
Total Street Improvement
Project Fund
140
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND Exhibit 6
CHANGES IN FUND BALANCE
STREET IMPROVEMENT PROJECT FUND
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
2019 Street
Improvement
Project Fund
2020 Street
Improvement
Project Fund
2021 Street
Improvement
Project Fund
2022 Street
Improvement
Project Fund
2021 2020
Revenues:
Intergovernmental $ - $2,674 $25,000 $ - $27,674 $45,625
Special assessments - 20,129 175,030 - 195,159 61,129
Investment income (loss) (2,715) 2,040 93 - (582) 10,918
Miscellaneous - - 2,500 - 2,500 -
Total revenues (2,715) 24,843 202,623 0 224,751 117,672
Expenditures:
Debt service:
Issuance costs - - 56,649 - 56,649 72,756
Construction/acquisition costs 273,500 484,119 1,947,000 205,281 2,909,900 2,484,885
Total expenditures 273,500 484,119 2,003,649 205,281 2,966,549 2,557,641
Revenues over (under) expenditures (276,215) (459,276) (1,801,026) (205,281) (2,741,798) (2,439,969)
Other financing sources (uses):
Bonds issued - - 2,059,342 - 2,059,342 2,947,780
Premium on bonds issued - - 85,250 - 85,250 154,026
Transfers out - - - - - (181,247)
Total other financing sources (uses) 0 0 2,144,592 0 2,144,592 2,920,559
Net change in fund balance (276,215) (459,276) 343,566 (205,281) (597,206) 480,590
Fund balance (deficit) - January 1 328,068 701,708 (190,942) - 838,834 358,244
Fund balance (deficit) - December 31 $51,853 $242,432 $152,624 ($205,281) $241,628 $838,834
Total Street Improvement Project
Fund
141
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 7
HRA TIF DEBT SERVICE FUND
December 31, 2021
With Comparative Totals For December 31, 2020
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2021 2020
Assets
Cash and investments $2,246 $1,343 $3,589 $4,930
Liabilities and Fund Balance
Liabilities:
Accounts payable $475 $475 $950 $950
Fund balance:
Restricted 1,771 868 2,639 3,980
Total liabilities and fund balance $2,246 $1,343 $3,589 $4,930
HRA TIF Debt Service Fund Totals
142
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 8
IN FUND BALANCE
HRA TIF DEBT SERVICE FUND
For The Year Ended December 31, 2021
With Comparative Totals For December 31, 2020
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2021 2020
Revenues ($8) ($5) ($13) $ -
Expenditures:
Debt service:
Principal 245,000 205,000 450,000 445,000
Interest 77,813 78,675 156,488 165,438
Paying agent fees 664 664 1,328 2,245
Total expenditures 323,477 284,339 607,816 612,683
Revenues over (under) expenditures (323,485) (284,344) (607,829) (612,683)
Other financing sources (uses):
Transfers in 322,813 283,675 606,488 610,437
Net change in fund balance (672) (669) (1,341) (2,246)
Fund balance - January 1 2,443 1,537 3,980 6,226
Fund balance - December 31 $1,771 $868 $2,639 $3,980
HRA TIF Debt Service Fund Totals
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, 2021
With Comparative Totals For December 31, 2020
Water/Water Plant Sewer 2021 2020
Operating revenues:
Charges for services $1,300,250 $1,314,285 $2,614,535 $2,355,173
Connection charges - - - -
Total operating revenues 1,300,250 1,314,285 2,614,535 2,355,173
Operating expenses:
Personal services 553,685 304,553 858,238 896,438
Supplies 96,697 8,743 105,440 200,605
Contracted services and other 106,134 40,315 146,449 140,281
Treatment charges (MCES) - 719,437 719,437 712,664
Utilities/insurance/other 181,452 31,508 212,960 206,852
Total operating expenses,
excluding depreciation 937,968 1,104,556 2,042,524 2,156,840
Depreciation 461,935 150,124 612,059 619,233
Total operating expenses 1,399,903 1,254,680 2,654,583 2,776,073
Operating income (loss)($99,653) $59,605 (40,048) (420,900)
Nonoperating revenues (expenses):
Investment income (7,698)27,781
Interest expense (4,064)(8,540)
Miscellaneous income 11,361 3,166
Total nonoperating revenues (expenses)(401)22,407
Income (loss) before capital
contributions and transfers (40,449) (398,493)
Capital contributions 1,002,344 7,006
Change in net position 961,895 (391,487)
Net position - January 1 16,475,804 16,867,291
Net position - December 31 $17,437,699 $16,475,804
Operations
Totals
144
III. STATISTICAL SECTION (UNAUDITED)
This part of the City of St. Anthony, Minnesota’s Annual Comprehensive 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)
2012 2013 2014 2015
Governmental activities:
Net invested in capital assets $15,182,974 $16,217,013 $14,953,582 $10,604,121
Restricted for:
Debt service 4,741,115 3,347,895 5,717,140 6,147,172
Redevelopment activity - - - 12,411
Pensions - - - -
Public safety 21,521 21,528 23,471 19,283
Unrestricted (5,566,910) (5,239,277) (9,513,189) (10,391,885)
Total governmental
activities net position $14,378,700 $14,347,159 $11,181,004 $6,391,102
Business-type activities:
Net invested in capital assets $4,523,383 $5,605,845 $6,036,192 $12,143,158
Unrestricted 5,814,241 5,965,067 5,570,360 5,649,685
Total business-type
activities net position $10,337,624 $11,570,912 $11,606,552 $17,792,843
Primary government:
Net invested in capital assets $19,706,357 $21,822,858 $20,989,774 $22,747,279
Restricted for:
Debt service 4,741,115 3,347,895 5,717,140 6,147,172
Redevelopment activity - - - 12,411
Pensions - - - -
Public safety 21,521 21,528 23,471 19,283
Unrestricted 247,331 725,790 (3,942,829) (4,742,200)
Total primary government
net position $24,716,324 $25,918,071 $22,787,556 $24,183,945
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
2016 2017 2018 2019 2020 2021
$10,024,670 $10,274,946 $10,422,047 $9,746,635 $10,349,363 $10,068,970
6,282,913 6,537,390 7,097,594 6,339,750 6,406,488 6,255,605
- - - - -
197,073 219,561 200,075 177,502 247,024 360,702
25,634 23,865 31,141 39,505 46,912 39,084
1,689,042 (5,330,379)(5,776,551)(4,223,098)(776,593)2,413,816
$18,219,332 $11,725,383 $11,974,306 $12,080,294 $16,273,194 $19,138,177
$14,011,168 $22,151,578 $23,179,624 $24,525,702 $23,721,266 $24,563,962
3,171,781 3,529,653 3,483,257 3,569,879 4,072,013 4,738,737
$17,182,949 $25,681,231 $26,662,881 $28,095,581 $27,793,279 $29,302,699
$24,035,838 $32,426,524 $33,601,671 $34,272,337 $34,070,629 $34,632,932
6,282,913 6,537,390 7,097,594 6,339,750 6,406,488 6,255,605
- - - - - -
197,073 219,561 200,075 177,502 247,024 360,702
25,634 23,865 31,141 39,505 46,912 39,084
4,860,823 (1,800,726)(2,293,294)(653,219)3,295,420 7,152,553
$35,402,281 $37,406,614 $38,637,187 $40,175,875 $44,066,473 $48,440,876
Fiscal Year
147
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2012 2013 (2)2014 2015
Expenses
Governmental activities:
General government $1,307,007 $1,029,147 $1,116,100 $1,342,360
Public safety 2,971,275 4,488,023 4,644,185 4,757,637
Public works 2,671,918 2,565,860 2,711,291 2,741,411
Parks and recreation 377,689 569,254 608,966 592,892
Services to other cities 1,039,504 - - -
Housing and redevelopment 649,104 565,303 575,738 596,444
Interest on long-term debt 1,197,073 1,217,646 1,044,635 845,856
Total governmental
activities expenses 10,213,570 10,435,233 10,700,915 10,876,600
Business-type activities:
Liquor 6,618,975 6,479,809 5,879,240 5,728,876
Water 901,732 859,112 845,396 869,446
Water Filtration and Purification 114,337 124,505 239,074 185,964
Sewer 1,041,085 1,019,421 1,069,876 1,051,261
Stormwater - - - -
Total business-type
activities expenses 8,676,129 8,482,847 8,033,586 7,835,547
Total primary
government expenses $18,889,699 $18,918,080 $18,734,501 $18,712,147
Program revenues
Governmental activities:
Charges for services:
Services to other cities $1,192,138 $ - $ - $ -
Other activities 1,067,084 2,506,369 2,374,306 2,414,912
Operating grants and contributions 447,554 585,950 499,538 499,126
Capital grants and contributions 1,566,565 780,072 1,070,975 1,367,745
Total governmental
activities program revenues 4,273,341 3,872,391 3,944,819 4,281,783
Business-type activities:
Charges for services:
Liquor 7,139,381 6,908,143 6,078,039 5,893,916
Water 957,824 933,051 879,007 900,412
Water filtration and purification - - - 45,655
Sewer 877,794 947,632 921,242 953,568
Stormwater - - - -
Operating grants and contributions - - - -
Capital grants and contributions - - - -
Total business-type
activities program revenues 8,974,999 8,788,826 7,878,288 7,793,551
Total primary government
program revenues $13,248,340 $12,661,217 $11,823,107 $12,075,334
Fiscal Year
148
Table 2
Page 1 of 2
2016 2017 2018 2019 2020 2021
$1,319,451 $1,337,698 $1,234,274 $1,587,360 $1,374,449 $1,349,129
7,053,595 6,018,470 4,886,105 4,789,232 5,125,951 4,840,277
4,134,783 2,988,291 3,005,637 2,960,916 2,915,895 2,947,640
472,436 472,700 488,132 536,095 438,126 646,257
- - - - - -
793,834 787,775 1,189,659 975,246 1,276,274 1,217,386
794,584 738,914 795,625 803,042 680,448 695,343
14,568,683 12,343,848 11,599,432 11,651,891 11,811,143 11,696,032
5,676,892 5,591,683 5,617,377 5,903,275 6,605,500 6,765,260
1,083,240 1,176,102 1,573,857 1,617,354 1,554,879 1,377,483
- - - - - -
1,048,937 1,144,273 1,243,591 1,253,102 1,202,141 1,240,813
191,655 244,135 249,911 308,786 367,578 337,796
8,000,724 8,156,193 8,684,736 9,082,517 9,730,098 9,721,352
$22,569,407 $20,500,041 $20,284,168 $20,734,408 $21,541,241 $21,417,384
$ - $ - $ - $ - $ - $ -
2,212,526 2,281,654 1,602,792 1,847,264 1,722,036 3,041,161
10,969,360 630,316 560,924 494,389 1,211,012 741,397
1,643,911 1,604,844 817,077 633,142 1,862,319 624,283
14,825,797 4,516,814 2,980,793 2,974,795 4,795,367 4,406,841
5,822,783 5,714,000 5,867,452 6,160,868 7,025,468 7,260,590
925,577 969,638 1,010,722 999,082 1,133,458 1,311,611
- - - - - -
1,012,979 1,122,738 1,162,167 1,211,209 1,224,881 1,314,285
192,748 197,242 201,729 206,700 211,360 212,308
130,932 - - - - -
1,166,747 569,716 126,991 - - -
9,251,766 8,573,334 8,369,061 8,577,859 9,595,167 10,098,794
$24,077,563 $13,090,148 $11,349,854 $11,552,654 $14,390,534 $14,505,635
Fiscal Year
149
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2012 2013 (2)2014 2015
Net (expense) revenue:
Governmental activities ($5,940,229)($6,562,842) ($6,756,096)($6,594,817)
Business-type activities 298,870 305,979 (155,298)(41,996)
Total primary government
net (expense) revenue (5,641,359)(6,256,863)(6,911,394)(6,636,813)
General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes $5,408,188 $5,703,707 $6,030,558 $5,893,900
Tax increment collections 1,335,674 1,405,872 1,131,896 1,121,627
Grants and contributions 10,639 26,384 461,964 516,015
Unrestricted investment earnings 55,206 25,914 189,441 146,023
Other 208,525 389,785 104,113 172,913
Gain on sale of capital assets 46,195 - 33,204 7,653
Transfers 610,000 (809,238)(17,982)(6,053,216)
Total governmental activities 7,674,427 6,742,424 7,933,194 1,804,915
Business-type activities:
Unrestricted investment earnings 122,833 51,593 111,512 86,407
Other 17,569 66,478 61,444 88,664
Transfers (610,000)809,238 17,982 6,053,216
Total business-type activities (469,598)927,309 190,938 6,228,287
Total primary government $7,204,829 $7,669,733 $8,124,132 $8,033,202
Change in net position:
Governmental activities $1,734,198 $179,582 $1,177,098 ($4,789,902)
Business-type activities (170,728)1,233,288 35,640 6,186,291
Total primary government $1,563,470 $1,412,870 $1,212,738 $1,396,389
(1) In 2011 the Water Filtration and Purification fund was reclassified to the Water and Sewer Proprietary Fund.
(2) In 2013, services to other cities were reclassified to public safety expense.
Note: GASB 65 was implemented in 2013. Governmental activity expenses were restated for 2012
to reflect the expensing of bond issuance costs in the year of issuance. Expenses for years prior to 2012 were not restated.
Note: GASB 68 was implemented for 2015. Expenses for years prior to 2015 were not restated.
Note: The City closed the Stormwater Improvement Capital Project Fund during 2015 and transferred the majority
of the net position to the Stormwater Utility Fund.
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
2016 2017 2018 2019 2020 2021
$257,114 ($7,827,034)($8,618,639)($8,677,096)($7,015,776)($7,289,191)
1,251,042 417,141 (315,675)(504,658)(134,931)377,442
1,508,156 (7,409,893)(8,934,314)(9,181,754)(7,150,707)(6,911,749)
$6,160,156 $6,577,570 $7,128,703 $7,477,523 $7,946,178 $8,083,595
1,455,090 1,530,093 1,870,589 2,060,375 2,077,137 2,470,757
530,110 535,422 559,437 561,062 613,302 640,386
254,396 234,572 286,519 492,834 318,653 47,420
1,207,375 407,269 225,774 15,468 40,768 49,285
7,151 34,775 48,529 - - -
1,956,838 (7,986,616)(1,251,989)(1,824,178)212,638 (1,137,269)
11,571,116 1,333,085 8,867,562 8,783,084 11,208,676 10,154,174
31,097 21,812 32,771 83,886 45,267 (11,911)
64,805 72,713 12,565 29,294 - 6,620
(1,956,838)7,986,616 1,251,989 1,824,178 (212,638)1,137,269
(1,860,936)8,081,141 1,297,325 1,937,358 (167,371)1,131,978
$9,710,180 $9,414,226 $10,164,887 $10,720,442 $11,041,305 $11,286,152
$11,828,230 ($6,493,949)$248,923 $105,988 $4,192,900 $2,864,983
(609,894)8,498,282 981,650 1,432,700 (302,302)1,509,420
$11,218,336 $2,004,333 $1,230,573 $1,538,688 $3,890,598 $4,374,403
Fiscal Year
151
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2012 2013 2014 2015
General Fund:
Nonspendable $68,481 $74,049 $91,136 $107,412
Unassigned 1,906,856 2,074,490 2,384,345 2,338,600
Total general fund $1,975,337 $2,148,539 $2,475,481 $2,446,012
All other governmental funds:
Nonspendable $129 $49 $1,631 $2,157
Restricted 8,594,337 2,002,737 7,627,714 6,491,789
Committed 222,184 33,015 78,180 94,107
Assigned 1,344,529 1,253,470 1,318,583 578,258
Unassigned (1,473,482) (175,561) (2,407,745) (2,062,163)
Total all other
governmental funds $8,687,697 $3,113,710 $6,618,363 $5,104,148
Fiscal Year
152
Table 3
Fiscal Year
2016 2017 2018 2019 2020 2021
$115,482 $119,651 $126,304 $101,105 $159,782 $146,580
2,204,185 2,280,463 2,381,460 2,489,685 3,238,208 3,730,206
$2,319,667 $2,400,114 $2,507,764 $2,590,790 $3,397,990 $3,876,786
$57,188 $15,339 $97,687 $1,451 $2,969 $35,953
6,907,253 7,002,918 7,466,883 7,176,386 7,955,365 7,396,858
105,503 125,069 124,355 102,948 201,822 337,173
13,148,229 6,568,756 5,374,785 5,502,668 6,513,862 6,632,453
(1,693,729) (1,452,918) (1,409,874) (892,137) (524,166) -
$18,524,444 $12,259,164 $11,653,836 $11,891,316 $14,149,852 $14,402,437
153
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2012 2013 (2) 2014 2015
Revenues:
General property taxes $5,416,328 $5,657,416 $6,053,119 $5,897,070
Tax increment collections 1,364,881 1,398,000 1,117,824 1,106,582
Licenses, fees and permits 290,985 342,390 351,102 296,465
Intergovernmental 1,530,983 792,477 1,464,479 1,644,481
Special assessments 427,467 587,191 491,988 621,931
Charges for services 1,736,274 1,932,268 1,787,611 1,879,520
Cable franchise fees 101,403 104,089 109,009 108,104
Fines and forfeits 130,560 129,363 126,584 130,823
Investment income 55,201 24,197 189,216 145,447
Contributions and donations 2,778 16,134 45,640 15,903
Miscellaneous 194,052 375,719 104,113 172,913
Total revenues 11,250,912 11,359,244 11,840,685 12,019,239
Expenditures:
Current:
General government 1,059,361 836,190 926,501 948,089
Public safety 2,671,890 4,174,754 4,357,563 4,352,048
Public works 818,851 1,042,876 1,001,378 1,043,791
Parks and recreation 344,702 420,826 463,057 446,684
Services to other cities 1,039,504 - - -
Nondepartmental 160,513 56,117 59,265 40,139
Housing and redevelopment 240,097 150,070 143,863 119,294
Capital outlay 346,644 284,392 386,652
Debt service:
Principal retirement 4,255,000 4,245,000 7,785,000 3,750,000
Interest 1,299,266 1,308,344 1,139,216 1,020,262
Paying agent fees 18,811 16,387 7,853 10,386
Professional service 3,480 6,682 17,104 16,971
Issuance costs 132,217 66,035 185,800 142,682
Construction/acquisition costs 2,253,448 1,618,986 2,959,264 3,750,269
Developer incentives 409,007 415,233 431,875 475,886
Total expenditures 15,052,791 14,641,892 19,902,361 16,503,153
Revenues over (under) expenditures (3,801,879) (3,282,648) (8,061,676) (4,483,914)
Other financing sources (uses):
Bonds issued 2,195,000 1,775,000 2,070,000 2,580,000
Refunding bonds issued 7,300,000 - 4,970,000 4,310,000
Redemption of refunded bonds - - - -
Payment to refunded bond escrow agent (4,015,373) - - (4,332,935)
Premium on debt issued 190,221 42,080 158,044 188,693
Sale of capital assets 10,962 25,244 13,390 25,860
Transfers in 1,626,372 2,021,913 1,908,166 2,069,259
Transfers out (1,016,372) (1,482,913) (1,514,667) (1,900,647)
Total other financing
sources(uses) 6,290,810 2,381,324 7,604,933 2,940,230
Net change in fund balance $2,488,931 ($901,324) ($456,743) ($1,543,684)
Debt service as a percentage of
noncapital expenditures 44.6% 43.6% 54.2% 36.5%
Debt service as percentage of total expenditures
36.9% 37.9% 44.8% 28.9%
(1) In 2011 the Water Filtration and Purification fund was reclassified to the Water and Sewer Proprietary Fund.
(2) In 2013, services to other cities were reclassified to public safety expense.
Fiscal Year
154
Table 4
2016 2017 2018 2019 2020 2021
$6,161,036 $6,633,308 $7,107,947 $7,484,962 $7,932,488 $8,089,661
1,476,275 1,541,874 1,861,251 2,093,697 2,076,472 2,474,570
304,079 358,230 295,955 268,565 318,232 1,116,447
2,283,016 1,925,460 1,136,456 1,595,355 3,181,190 1,066,555
570,549 589,332 658,532 463,256 377,937 520,805
1,701,246 1,732,288 1,097,940 1,153,385 1,186,119 1,679,720
113,672 115,079 101,612 97,200 95,517 103,768
93,529 76,057 85,538 96,292 87,539 120,694
252,830 233,668 284,452 485,833 313,955 48,456
4,120 102,340 16,046 1,550 1,050 263,635
11,637,694 407,269 217,071 253,239 75,397 69,817
24,598,046 13,714,905 12,862,800 13,993,334 15,645,896 15,554,128
1,066,236 1,119,746 1,048,214 1,327,603 1,225,447 1,188,512
5,164,270 5,346,521 4,861,358 4,698,695 5,169,275 5,437,381
1,051,747 1,034,427 1,208,232 1,071,071 944,755 878,009
409,979 406,748 431,091 474,430 403,034 635,920
- - - - -
38,421 45,095 61,262 78,233 28,475 33,949
156,312 132,437 160,255 169,010 499,439 250,492
398,844 431,511 1,037,417 165,581 533,874 778,766
2,620,000 5,815,000 2,895,000 4,910,000 2,900,000 3,155,000
820,607 846,526 887,798 897,980 842,600 858,152
14,793 5,760 29,308 11,822 10,995 6,655
16,339 6,677 2,823 - -
80,294 104,887 42,563 71,382 72,756 86180
4,867,870 9,908,037 2,720,619 1,970,296 2,485,227 2,943,077
627,639 649,910 1,029,217 804,391 782,009 975,485
17,333,351 25,853,282 16,415,157 16,650,494 15,897,886 17,227,578
7,264,695 (12,138,377) (3,552,357) (2,657,160) (251,990) (1,673,450)
2,900,000 3,120,000 2,610,000 1,145,000 3,000,000 2,085,000
- 2,190,000 - 1,335,000 - 885,000
- - - - -
- - - - - (885,000)
69,485 302,540 92,831 225,916 154,026 137,040
15,186 28,244 64,754 23,050 - 19,091
4,003,953 312,760 287,094 335,000 250,000 250,000
(959,368) - - (86,300) (86,300) (86,300)
6,029,256 5,953,544 3,054,679 2,977,666 3,317,726 2,404,831
$13,293,951 ($6,184,833) ($497,678) $320,506 $3,065,736 $731,381
25.7% 41.5% 29.8% 40.1% 29.1% 29.7%
19.8% 25.8% 23.0% 34.9% 23.5% 5.0%
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
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%
2020 9,800,198 2,337,325 118,670 12,256,193 (1,054,049) 11,202,144 68.02% 1,094,841,000 1.12%
2021 10,602,682 2,514,579 130,188 13,247,449 (1,319,311) 11,928,138 66.39% 1,176,094,300 1.13%
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
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%
2020 68.02%33.82%9.87%41.08%152.79%
2021 66.39%31.31%9.52%38.54%145.76%
Source: Official Statements for the City of St. Anthony (Hennepin County)
*Overlapping rates are those of local and county governments that apply to property owners within the City. Not all
overlapping rates apply to all City property owners; for example, although the county property tax rates apply to all
City property owners, other District rates apply only to the approximately one-third of City property owners whose
property is located within that District's geographic boundaries.
Overlapping Rates*
157
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS Table 7
Current Year and Ten Years Ago
Percentage Percentage
Tax of Total City Tax of Total City
Capacity Capacity Capacity Capacity
Taxpayer Value Rank Value Value Rank Value
St. Anthony Leased Housing Assoc. I $755,350 1 5.50% 315,158 2 3.68%
L/L Equinox Associates LLC 420,164 2 3.06% 176,890 4 2.06%
Inland Silver Lake Village LLC 420,074 3 3.06% 711,020 1 8.29%
Autumn Woods Partners LP 306,875 4 2.23% 188,225 3 2.20%
Northern Gopher Enterprises Inc 222,990 5 1.62% - - -
St. Anthony Leased Housing Assoc. II 221,443 6 1.61% - - -
Autumn Woods III LLC 142,413 7 1.04% - - -
Landau - 3925 Pleasant LLC 142,175 8 1.03% - - -
St. Anthony Shopping Center 136,250 9 0.99% 95,250 5 1.11%
Chandler Place LP 133,659 10 0.97% 82,124 6 0.96%
St. Anthony Nursing Home LP - - - 78,364 7 0.91%
Landau - 3925 Pleasant LLC - - - 75,097 8 0.88%
Herama Properties - - - 59,250 9 0.69%
Hannay Harria Real Estate LLC - - - 51,750 10 0.60%
Total $2,901,393 21.11% $1,833,128 21.38%
Total All Property $13,744,262 $8,573,245
Source: Official Statements for the City of St. Anthony
20122021
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
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%26,941 5,372,700 99.00%
2014 5,633,007 5,564,141 98.78%(35,583) 5,528,558 98.15%
2015 5,831,737 5,733,450 98.31%(9,206) 5,724,244 98.16%
2016 6,050,812 5,974,249 98.73%23,753 5,998,002 99.13%
2017 6,450,785 6,400,683 99.22%4,964 6,405,647 99.30%
2018 6,850,011 6,801,704 99.29%278 6,801,981 99.30%
2019 7,311,453 7,226,085 98.83%13,032 7,239,117 99.01%
2020 7,609,458 7,611,336 100.02%18,468 7,629,804 100.27%
2021 7,865,595 7,836,798 99.63%
(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. Governmental
Year Bonds Bonds Bonds Bonds Bonds Bonds Activities
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
2020 18,400,000 610,000 5,795,000 1,505,000 - 2,245,000 28,555,000
2021 18,530,000 465,000 5,345,000 1,150,000 - 1,995,000 27,485,000
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/ Total Bonds Total Percentage
of Adjusted Water Business-Type Per Primary of Personal Per
Tax Capacity Bonds Activities Customer Government Income Capita*
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 7.65% 3,234
254.91% 580,000 580,000 242 29,135,000 6.67% 3,147
230.42% 440,000 440,000 183 27,925,000 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, 2021
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282 $27,970,000 85.9816% $24,049,054
Counties:
Hennepin 1,071,610,000 0.3726% 3,992,819
Ramsey 116,030,000 0.4880% 566,226
Other:
Metropolitan Council 187,200,000 0.2448% 458,266
Three Rivers Park District 51,320,000 0.5413% 277,795
Subtotal - overlapping debt 29,344,160
City direct debt (2)27,485,000
Total direct and overlapping debt $56,829,160
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
2012 2013 2014 2015
Debt limit $21,518,115 $20,237,210 $20,226,682 $21,500,127
Total net debt applicable to limit 4,902,237 4,450,131 4,031,063 3,615,981
Legal debt margin $16,615,878 $15,787,079 $16,195,619 $17,884,147
Total net debt applicable to the limit as a
percentage of debt limit 22.78% 21.99% 19.93% 16.82%
Source: Market Value - Hennepin County and Ramsey County, Minnesota Assessor's Offices
Legal Debt Margin Calculation for Fiscal Year 2021
164
Table 11
$1,176,094,300
35,282,829
5,460,000
-
5,460,000
$29,822,829
2016 2017 2018 2019 2020 2021
$24,651,217 $26,027,076 27,507,354$ 30,710,616$ 32,845,230$ 35,282,829$
3,176,798 3,244,392 2,804,561 3,640,000 6,095,000 5,460,000
$21,474,419 $22,782,684 24,702,793$ 27,070,616$ $26,750,260 $29,822,829
12.89% 12.47% 10.20% 11.85% 18.56% 15.47%
Legal Debt Margin Calculation for Fiscal Year 2021
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
2012 $150,734 $0 $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 - - - - - -
2020 - - - - - -
2021 - - - - - -
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
$1,836,635 $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%)
2,355,173 2,156,840 198,333 135,000 12,950 134%
2,614,535 2,042,524 572,011 140,000 10,200 381%
Water and Sewer Revenue Bonds
Debt Service
167
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE Table 12
Last Ten Fiscal Years Page 2 of 2
Special Tax
Assessment Increment
Collections Principal Interest Coverage Collections Principal Interest Coverage
$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%
377,937 2,455,000 582,534 12% 2,076,472 445,000 165,438 340%
520,805 3,455,000 590,993 13% 2,474,570 450,000 156,488 408%
Debt Service
Improvement Bonds
Debt Service
Tax Increment Bonds
168
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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)
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 9,020 372,002,840 41,242 2.60%
2020 9,257 428,136,250 46,250 6.18%
2021 Not Available 3.63%
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 Ten Years Ago
Employer Employees Rank Employees Rank
ISD No. 282 (St. Anthony - New Brighton) 352 1 225 4
Cub Foods 250 2 250 2
St. Anthony Health Center/Chandler Place 250 3 293 1
B&F Fastener Supply 100 4
City of St. Anthony 100 5 132 5
St. Charles Borromeo Parish 80 6
Happy's Potato Chip Company 50 7 50 8
Culvers 43 8 37 10
Marshall Manufactruing 40 9 40 9
Village Pub 35 10
Wal-Mart 249 3
Triangle Industries 80 6
Industrial Custom Products 50 7
Total 1,300 1,406
Source: Official Statements for the City of St. Anthony
20112021
171
CITY OF ST. ANTHONY, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2012 2013 2014 2015
General government:
Administration 2.00 2.00 2.00 2.00
Finance 4.25 4.25 4.25 4.50
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 6.00 6.00 6.00
Park 3.00 3.00 3.00 3.00
Water/Sewer 2.00 2.00 2.00 2.00
Mechanic 1.00 1.00 1.00 1.00
Seasonal 2.00 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 4.50
Silver Lake Village - part-time 6.00 6.00 6.00 4.50
Total 87.75 87.75 87.75 85.00
Source: City of St. Anthony
Full-Time Equivalent Employees as of December 31,
172
Table 15
2016 2017 2018 2019 2020 2021
2.50 2.50 2.60 2.85 1.85 3.10
4.00 4.00 4.00 4.00 4.00 4.50
23.00 20.00 20.00 20.00 20.00 20.00
2.50 2.50 2.00 2.00 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 1.00 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 6.00 6.00 6.00 6.00 6.00
4.50 4.50 4.65 4.65 4.65 4.65
4.00 4.00 4.25 4.25 4.25 4.25
84.50 82.50 82.50 82.75 80.75 83.50
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 2012 2013 2014 2015
Police: *
Moving violation 1,851 2,068 2,017 2,213
Non-moving violations 200 396 321 197
DWI 39 34 39 23
Traffic arrests 578 679 633 661
Gross and misdemeanor arrests 164 244 130 77
Felony arrests 37 67 53 44
Warrant arrests 20 23 25 24
Fire:
Emergency responses 1,267 1,409 1,363 1,425
Medical responses 933 1,016 1,012 1,062
Fires 40 26 26 26
Inspections 116 88 256 238
Building inspection:
Permits issued 272 303 288 533
Other public works:
Street reconstruction/resurfacing (miles)1 1 1 2
Potholes filled (tons)84 39 34 66
Water:
New connections 39 122 28 7
Water mains breaks 10 7 8 8
Average daily consumption (thousands of gallons)884 822 763 770
Peak daily consumption (thousands of gallons)1,879 1,724 1,635 1,571
* Police statistics are for St Anthony only
Source: City of St. Anthony
Fiscal Year
174
Table 16
2016 2017 2018 2019 2020 2021
1,488 846 1,376 1,944 2,233 1,740
192 65 394 376 177 246
15 21 39 43 31 29
469 249 292 371 412 305
50 63 86 108 126 154
51 20 59 36 25 30
13 20 22 41 43 40
1,534 1,621 1,521 1,538 1,553 1,661
1,113 1,166 1,116 1,140 1,155 1,182
14 17 16 17 12 23
173 216 210 247 68 204
342 292 261 255 310 322
1 1 0.5 1.2 0.3 1.6
23 198 64 53 65 17
1 29 30 3 28 1
2786 3 4
715 731 759 702 740 811
1,153 1,453 1,764 1,642 1,490 1,750
Fiscal Year
175
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2012 2013 2014 2015
Police:
Stations 1 1 1 1
Fleet units 14 14 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 1 1 2
Stormwater retention ponds 5 5 6 6
Storm sewers (miles)15.0 15.0 15.0 15.0
Source: City of St. Anthony
Fiscal Year
176
Table 17
2016 2017 2018 2019 2020 2021
111111
14 13 13 13 13 13
111111
888888
24.7 24.7 24.7 24.7 24.7 24.7
11.6 12.3 12.3 12.6 12.6 18.3
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 32.0
288 288 288 288 288 288
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
222222
666666
15.0 15.0 15.0 15.0 15.0 15.0
Fiscal Year
177