HomeMy WebLinkAbout2023 ACFRCity of Saint Anthony
Saint Anthony, Minnesota
2023
Annual Comprehensive
Financial Report
YEAR ENDED
DECEMBER 31, 2023
Prepared By:
Finance Department
Our mission is to promote a high quality of life to those we serve
through outstanding city services.
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ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
Prepared By:
Finance Department
Deborah Maloney
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 11
Independent Auditor's Report 15
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 88
Budgetary Comparison Schedule - Community Center Fund Statement 10 93
Schedule of Changes in the City's Total OPEB Liability and Related Ratios Statement 11 94
Schedule of Proportionate Share of Net Pension Liability - General Employees
Retirement Fund Statement 12 95
Schedule of Pension Contributions - General Employees Retirement Fund Statement 13 96
Schedule of Proportionate Share of Net Pension Liability - Public Employees Police
and Fire Fund Statement 14 97
Schedule of Pension Contributions - Public Employees Police and Fire Fund Statement 15 99
Schedule of Changes in the Net Pension Liability and Related Ratios -
St. Anthony Fire Department Relief Association Statement 16 100
Schedule of Contributions - St. Anthony Fire Department Relief Association Statement 17 102
Notes to RSI 103
Combining and Individual Nonmajor Fund Financial Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds Statement 18 110
II. FINANCIAL SECTION
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Nonmajor Governmental Funds Statement 19 111
Subcombining Balance Sheet - Nonmajor Special Revenue Funds Statement 20 116
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Special Revenue Funds Statement 21 117
Subcombining Balance Sheet - Nonmajor Debt Service Funds Statement 22 120
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Debt Service Funds Statement 23 121
Subcombining Balance Sheet - Nonmajor Capital Project Funds Statement 24 124
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds Statement 25 125
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Police Forfeiture Fund Statement 26 126
HRA Fund Statement 27 127
Supplementary Financial Information:
Street Improvement Debt Service Fund:
Balance Sheet Exhibit 1 130
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 2 132
HRA TIF Improvements Fund:
Balance Sheet Exhibit 3 134
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 4 135
Street Improvement Project Fund:
Balance Sheet Exhibit 5 136
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 6 137
HRA TIF Debt Service Fund
Balance Sheet Exhibit 7 138
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 8 139
Water/Sewer/Water Plant Enterprise Fund:
Schedule of Revenues, Expenses and Changes in Fund Net Position Exhibit 9 140
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Financial Trends:
Net Position by Component Table 1 142
Changes in Net Position Table 2 144
Fund Balances - Governmental Funds Table 3 148
Changes in Fund Balances - Governmental Funds Table 4 150
Revenue Capacity:
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 152
Direct and Overlapping Property Tax Rates Table 6 153
Principal Property Taxpayers Table 7 154
Property Tax Levies and Collections Table 8 155
Debt Capacity:
Ratios of Outstanding Debt by Type Table 9 156
Direct and Overlapping Governmental Activities Debt Table 10 159
Legal Debt Margin Information Table 11 160
Pledged Revenue Coverage Table 12 162
Demographic and Economic:
Demographic and Economic Statistics Table 13 165
Principal Employers Table 14 167
Operating Information:
Full-Time Equivalent City Government Employees by Function/Program Table 15 168
Operating Indicators by Function/Program Table 16 170
Capital Asset Statistics by Function/Program Table 17 172
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 28, 2024
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, 2023.
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, 2023. 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
2022/2023 enrollment of approximately 1,816, 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 322 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, Parks Infrastructure, 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 first phase of the debt levy
program has achieved its goal of a stabilized debt ley. The debt levy amount has remained at
the same amount for the years 2020‐2024.
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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 has entered second phase of its debt levy reduction program. During this phase 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 have begun the transition to Infrastructure levy support of construction projects. The
Infrastructure Levy will fund a greater 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 DEI committee has representatives from each department and meets monthly. The
committee discusses how the City can continue to be a welcoming place to work and live for all.
The committee continually challenges us to evaluate, educate and implement opportunities to
be more diverse, equitable and inclusive.
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 2023 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. Ramsey County Safe and Sober Grant.
B. Minnesota Board of Firefighter Training & Education Grant.
C. Hennepin County Recycling Grant.
D. Minnesota Department of Natural Recourses Emerald Ash Borer Grant.
E. GameTime Community Champions™Playground Grant
Partnerships and Colleagues: The City partners with local businesses, civic organizations,
School District 282, Community Services and the Chamber of Commerce to provide a variety of
community safety and education programs. The City also has formed partnerships with
colleagues in other jurisdictions. These relationships include providing financial and human
resource services to the Middle Mississippi Water Management Organization, utility billing
services to the City of Birchwood Village and police services to the City of Lauderdale and
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 Deborah Maloney
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, 2025
Thomas Randle December 31, 2023
Bernard Walker December 31, 2023
Wendy Webster December 31, 2025
City Manager:
Charlie Yunker Appointed
Finance Director:
Deborah Maloney Appointed
December 31, 2023
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Engineer ‐ WSB & AssociatesFull‐Time Positions = 58Financial ‐ Ehlers & AssociatesPart‐Time Positions (average) = 49Legal ‐ Dorsey & WhitneyPublic Works Seasonal=10Planner ‐ Grittman ConsultingPolice Reserves (Unpaid) = 12Building Inspections ‐ MNSPECTPUBLIC WORKS14 Full time EmployeesFIRE10 Seasonal Employees St. Anthony Organizational ChartLIQUOR OPERATIONSHuman Resources/Deputy City Clerk23 Full time Employees5 Full time Employees12 Reserve OfficersCommunications Coordinator1 Shared Employee2023ADMINISTRATION7 Full time Employees24 Part time EmployeesMAYOR AND COUNCIL MEMBERSPlanning CommissionAssistant to the City ManagerPOLICEConsultantsParks & Environmental CommissionCity Manager6 Full time Employees25 Part time EmployeesFINANCE 11
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II. FINANCIAL SECTION
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400 Robert Street North, Suite 1600, St. Paul, MN, 55101 651.426.7000 www.redpathcpas.com
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of St. Anthony, Minnesota
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the
City of St. Anthony, Minnesota, as of and for the year ended December 31, 2023, and the related
notes to the financial statements, which collectively comprise the City of St. Anthony,
Minnesota's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of St. Anthony, Minnesota,
as of December 31, 2023, 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 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 the 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.
Report on Summarized Comparative Information
We have previously audited the City of St. Anthony, Minnesota’s 2022 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
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remaining fund information in our report dated June 30, 2023. In our opinion, the summarized
comparative information presented herein as of and for the year ended December 31, 2022 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 the 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 generally accepted auditing standards 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.
In performing an audit in accordance with generally accepted auditing standards 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.
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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 the 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 the 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 schedules, 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.
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
accompanying combining and individual nonmajor fund financial statements and schedules and
supplementary financial information 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
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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 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.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June
28, 2024 on our consideration of the City of St. Anthony, Minnesota’s internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. The purpose of that report is solely to
describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the City of St.
Anthony, Minnesota's internal control over financial reporting or on compliance. That report is
an integral part of an audit performed in accordance with Government Auditing Standards in
considering the City of St. Anthony, Minnesota’s internal control over financial reporting and
compliance.
REDPATH AND COMPANY, LLC
St. Paul, Minnesota
June 28, 2024
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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, 2023. 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 $53,918,885 (net position).
The City’s total net position increased by $3,908,936 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 $20,325,431, an increase of $1,603,186 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
$4,460,649 or 53.8% of total General Fund Budget expenditures.
The City’s total bonded debt decreased by $3,200,000 during the current fiscal year due to
principal retirement.
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
fees and charges (business-type activities). The governmental activities of the City include
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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 27 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, Community Center, 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 21
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 18 through 25 of this report.
Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a City’s financial
position. Assets and deferred outflows of resources exceeded liabilities and deferred inflows of
resources by $53,918,885 at the close of the most recent fiscal year.
21
City of St. Anthony, Minnesota’s Net Position
Governmental Activities Business-Type Activities Totals
2023 2022 2023 2022 2023 2022
Current and other assets $26,060,490 $26,047,257 $6,599,590 $5,725,835 $32,660,080 $31,773,092
Capital assets 31,648,215 33,424,119 25,468,394 25,139,457 57,116,609 58,563,576
Total assets $57,708,705 $59,471,376 $32,067,984 $30,865,292 $89,776,689 $90,336,668
Total deferred outflows of resources $7,122,388 $8,535,806 $0 $0 $7,122,388 $8,535,806
Long term liabilities outstanding $31,546,560 $42,011,324 $355,733 $480,976 $31,902,293 $42,492,300
Other liabilities 1,733,577 3,704,030 315,681 412,879 2,049,258 4,116,909
Total liabilities $33,280,137 $45,715,354 $671,414 $893,855 $33,951,551 $46,609,209
Total deferred inflows of resources $9,028,641 $2,253,316 $0 $0 $9,028,641 $2,253,316
Net position:
Invested in capital assets net of related debt $11,876,010 $10,898,178 $25,313,018 $24,834,573 $37,189,028 $35,732,751
Restricted 6,417,966 6,103,190 - - 6,417,966 6,103,190
Unrestricted 4,228,339 3,037,144 6,083,552 5,136,864 10,311,891 8,174,008
Total net position $22,522,315 $20,038,512 $31,396,570 $29,971,437 $53,918,885 $50,009,949
The City’s net position increased by $3,908,936 in 2023. The increase was primarily due to the
reduction in long term debt liabilities and unearned revenue liability.
City of St. Anthony, Minnesota’s Changes in Net Position
Governmental Activities Business-Type Activities Totals
2023 2022 2023 2022 2023 2022
Revenues:
Program revenue:
Charges for services $2,190,191 $1,981,023 $10,248,497 $9,961,909 $12,438,688 $11,942,932
Operating grants and contributions 926,803 610,856 - - 926,803 610,856
Capital grants and contributions 75,165 633,832 - - 75,165 633,832
General revenue:
Property taxes 8,835,497 8,462,357 - - 8,835,497 8,462,357
Tax increment taxes 3,091,945 2,272,455 - - 3,091,945 2,272,455
Grants and contributions
not restricted to specific programs 1,147,322 1,002,881 158,891 - 1,306,213 1,002,881
Other 948,504 (240,336) 224,271 (84,471) 1,172,775 (324,807)
Total revenues 17,215,427 14,723,068 10,631,659 9,877,438 27,847,086 24,600,506
Expenses:
General government 1,558,834 1,380,846 - - 1,558,834 1,380,846
Public safety 6,591,967 5,853,162 - - 6,591,967 5,853,162
Public works 2,897,194 3,135,972 - - 2,897,194 3,135,972
Parks and recreation 530,990 546,537 - - 530,990 546,537
Housing and redevelopment 1,284,871 1,412,758 - - 1,284,871 1,412,758
Nondepartmental 88,013 45,609 - 88,013
Interest on long-term debt 637,825 697,886 - - 637,825 697,886
Liquor - 6,728,047 6,601,179 6,728,047 6,601,179
Water - 1,783,913 1,632,017 1,783,913 1,632,017
Sewer - 1,237,453 1,305,957 1,237,453 1,305,957
Stormwater - 599,043 419,510 599,043 419,510
Total expenses 13,589,694 13,072,770 10,348,456 9,958,663 23,938,150 23,031,433
Excess before transfers 3,625,733 1,650,298 283,203 (81,225) 3,908,936 1,569,073
Transfers (1,141,930) (749,963) 1,141,930 749,963 - -
Increase (decrease) in net position 2,483,803 900,335 1,425,133 668,738 3,908,936 1,569,073
Net position - January 1 20,038,512 19,138,177 29,971,437 29,302,699 50,009,949 48,440,876
Net position - December 31 $22,522,315 $20,038,512 $31,396,570 $29,971,437 $53,918,885 $50,009,949
22
Governmental Activities. Governmental activities increased the City’s net position by
$2,483,803 compared to prior year increase of $900,335. The key elements of this change are an
increase in unrestricted investment earnings of $1,476,819 and an increase in tax increment taxes
of $819,490.
Charges for services
13%
Operating grants and
contributions
5%
Capital
grants and
contributions
0%Property taxes
51%
Other taxes
18%
Grants and contributions not
restricted to specific
programs
7%Other
6%
Revenues by
Source -
Governmental
Activities
23
Business-type Activities. Business-type activities increased net position by $1,425,133. There
was net $1,141,930 transfers to cash and a decrease in general revenues of $467,633.
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 $20,325,431 an increase of $1,603,186 from the prior year.
The ending fund balance is classified as follows:
Nonspendable $199,419
Restricted 8,692,356
Committed 1,010,290
Assigned 6,061,683
Unassigned 4,361,683
Total $20,325,431
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 $4,460,649, while total fund balance reached
$5,057,260. 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 52.9% of total General Fund expenditures and total fund balance represents
60.1% of that same amount.
During the current fiscal year, the fund balance in the General Fund increased by $1,052,403 due
to an increase in revenues over expenses of $1,074,653 and along with an decrease in other
financing uses of $22,250.
The Community Center Fund increased by $14,561 due to other net financing sources $45,950
exceeding revenues under expenditures of $31,389.
The Street Improvement Debt Service Fund increased by $45,188 mainly due to $291,041 in
closing transfers from street improvement funds along with using cash on hand to lower existing
debt levied.
24
The HRA TIF Improvement Fund increased by $1,410,347, substantially due to a increase in
revenues over expenses of $1,181,597 and an decrease in accounts payable.
The Street Improvement Project Funds decreased by $370,181 due to other financing uses of
$235,041 exceeding revenues under expenditures of $135,140.
The Public Utilities Infrastructure Fund increased by $65,513 substantially due to investment
income of $159,242 and expenditures of $97,129.
Non-major Special Revenue Funds increased by $91,733 resulting in an ending balance of
$900,971 substantially due increase in investment earnings and a decrease in HRA expenditures
of $11,821.
Non-major Debt Service Funds had a total fund balance of $769,624, 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 $87,370, substantially due to the planned use of fund balance to
support the debt service associated with the Public Facilities Revenue Bonds and Tax Abatement
bonds.
Non-major Capital Project Funds had a total fund balance of $2,296,456, a decrease of $678,507
from prior year, substantially due to expenses over revenues of $713,090 and net transfers in of
$34,583.
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 $31,616,353. The total net position for each fund was:
Liquor – $2,936,622; Water and Sewer – $19,162,405; Stormwater Utility - $9,517,326.
25
General Fund Budgetary Highlights
Variances from actual to budget can be briefly summarized as follows:
Licenses and permits were $372,710 greater than budget primarily due to higher level of
construction related permit activity.
Intergovernmental revenues were $401,501 greater than budget primarily due one time
receipt of public safety aid.
Protective inspections expenditures were $211,004 greater than budget primarily due to
higher level of building permit activity and its related increase in inspections activity
Transfers out were $105,950 greater than budget due to excess fund balance transfers
made in accordance with the fund balance policy.
Investment Income was $189,705 greater than budget due to higher interest rates.
Public Safety Fire personal services expenditures were $178,069 less than budget due to
postponing planned hires to 2024.
Public Safety Police expenditures were $117,216 less than budget due to position
vacancies.
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, 2023 amounts to $57,116,609 (net of accumulated depreciation).
This investment in capital assets includes land, buildings and structures, improvements,
machinery and equipment, park facilities, roads and infrastructure. The City’s investment in
capital assets (net) decreased 2.5%.
Major capital asset events during the current fiscal year included the following:
The 2022 Street and Utility Improvement project construction was finalized in 2023.
The city purchased a new fire engine, the majority of which was paid for in 2023.
The feasibility study for the 2024 Street and Utility Improvement project took place in
2023.
26
City of St. Anthony, Minnesota’s Capital Assets
Governmental Activities Business-Type Activities Totals
2023 2022 2023 2022 2023 2022
Land $1,062,883 $1,062,882 $2,089,954 $2,089,954 $3,152,837 $3,152,836
Permanent easements 73,984 73,984 57,695 57,695 131,679 -
Land improvements 638,031 584,800 1,062,122 1,062,122 1,700,153 1,646,922
Buildings and structures 10,736,937 10,571,734 9,011,803 8,985,360 19,748,740 19,557,094
Furniture and fixtures 6,123,009 4,928,320 5,473,649 5,459,355 11,596,658 10,387,675
Software intangibles 72,117 56,823 62,894 62,894 135,011 119,717
Infrastructure/streets 46,564,031 43,420,366 13,985,966 12,981,818 60,549,997 56,402,184
Storm sewers 428,469 428,469 - - 428,469 428,469
Storm water - - 8,182,924 7,810,879 8,182,924 7,810,879
Less accumulated depreciation (34,247,189) (32,435,686) (14,458,613) (13,370,620) (48,705,802) (45,806,306)
Construction in progress 195,943 4,732,427 - - 195,943 4,732,427
Total $31,648,215 $33,424,119 $25,468,394 $25,139,457 $57,116,609 $58,431,897
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 $23,655,000. Of this amount, $18,730,000 comprises debt backed by special
assessments and the full faith and credit of the City, $4,375,000 is backed by tax increments,
$395,000 is backed by lease revenue sources, and $155,000 is backed by revenues sources from
the City’s water/sewer funds. In addition, the City’s debt represents the liability for compensated
absences $714,753, net pension liability of $5,857,913, and OPEB liability of $924,615.
City of St. Anthony, Minnesota’s Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Totals
2023 2022 2023 2022 2023 2022
General obligation bonds $18,730,000 $21,050,000 $ - $ - $18,730,000 $21,050,000
G.O. revenue bonds 395,000 780,000 155,000 300,000 550,000 1,080,000
G.O. tax increment bonds 4,375,000 4,870,000 - - 4,375,000 4,870,000
Issuance premiums (discounts) 709,584 828,269 376 4,884 709,960 833,153
- -
Total $24,209,584 $27,528,269 $155,376 $304,884 24,364,960 $27,833,153
The City’s total bonded debt decreased by $785,000 during the current fiscal year. The key
factors in this decrease were: 1) principal retirement of $3,170,000 and 2) the issuance of
$2,385,000 of 2022A 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 $38,649,915, 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 2023 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
29
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30
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2023
With Comparative Totals For December 31, 2022
Governmental Business-Type
Activities Activities 2023 2022
Assets:
Cash and investments $21,148,986 $4,801,216 $25,950,202 $25,602,679
Accrued interest 99,154 - 99,154 49,357
Due from other governmental units 73,992 - 73,992 124,741
Accounts receivable - net 89,746 821,913 911,659 876,003
Internal balances 219,783 (219,783) - -
Property taxes receivable 99,324 - 99,324 133,160
Prepaid items 177,199 100,471 277,670 180,770
Inventories - at cost 22,220 1,095,773 1,117,993 1,077,558
Loans receivable 665 - 665 2,205
Special assessments receivable 1,429,098 - 1,429,098 1,673,181
Lease receivable 1,893,254 - 1,893,254 1,277,549
Land held for resale 409,188 - 409,188 378,008
Capital assets - net:
Nondepreciable 1,332,810 2,147,649 3,480,459 8,016,941
Depreciable 30,315,405 23,320,745 53,636,150 50,546,635
Net pension asset 397,881 - 397,881 397,881
Total assets 57,708,705 32,067,984 89,776,689 90,336,668
Deferred outflows of resources:
Related to other post employment benefits 482,359 - 482,359 541,286
Related to pensions 6,640,029 - 6,640,029 7,994,520
Total deferred outflows of resources 7,122,388 - 7,122,388 8,535,806
Liabilities:
Accounts payable 1,057,674 163,748 1,221,422 2,480,374
Due to other governmental units 36,358 87,806 124,164 135,368
Salaries payable 173,964 56,442 230,406 223,659
Contracts payable 25,397 - 25,397 118,341
Deposits payable 170,692 47,570 218,262 183,855
Accrued interest payable 269,492 167 269,659 321,808
Unearned revenue - - - 653,504
Other post employment benefits:
Due within one year 55,980 - 55,980 50,378
Due in more than one year 868,635 - 868,635 957,188
Long-term liabilities:
Due within one year 3,442,968 208,277 3,651,245 3,605,279
Due in more than one year 21,321,064 107,404 21,428,468 25,016,595
Net pension liability:
Due in more than one year 5,857,913 - 5,857,913 12,862,860
Total liabilities 33,280,137 671,414 33,951,551 46,609,209
Deferred inflows of resources:
Related to leases 1,893,254 - 1,893,254 1,277,549
Related to other post employment benefits 506,832 - 506,832 459,129
Related to pensions 6,628,555 - 6,628,555 516,638
Total deferred inflows of resources 9,028,641 - 9,028,641 2,253,316
Net position:
Net investments in capital assets 11,876,010 25,313,018 37,189,028 35,732,751
Restricted for:
Debt service 5,446,428 - 5,446,428 5,612,586
Capital projects 113,111 - 113,111 -
Pensions 397,881 - 397,881 421,414
Public safety 460,546 - 460,546 69,190
Unrestricted 4,228,339 6,083,552 10,311,891 8,174,008
Total net position $22,522,315 $31,396,570 $53,918,885 $50,009,949
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, 2023
With Comparative Totals For December 31, 2022
Program Revenues
Charges For
Functions/Programs Expenses Services
Primary government:
Governmental activities:
General government $1,558,834 $777,184
Public safety 6,591,967 972,743
Public works 2,897,194 223,037
Parks and recreation 530,990 217,182
Nondepartmental 88,013 -
Housing and redevelopment 1,284,871 45
Interest on long-term debt 637,825 -
Total governmental activities 13,589,694 2,190,191
Business-type activities:
Liquor 6,728,047 7,065,954
Water/water plant 1,783,913 1,513,076
Sewer 1,237,453 1,440,378
Stormwater 599,043 229,089
Total business-type activities 10,348,456 10,248,497
Total primary government $23,938,150 $12,438,688
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 2023 2022
$15,354 $ - ($766,296) $ - ($766,296) ($744,418)
752,987 - (4,866,237) - (4,866,237) (4,453,742)
117,618 75,165 (2,481,374) - (2,481,374) (2,175,771)
40,844 - (272,964) - (272,964)(316,976)
- - (88,013) - (88,013)(45,609)
- - (1,284,826) - (1,284,826) (1,412,657)
- - (637,825) - (637,825)(697,886)
926,803 75,165 (10,397,535) - (10,397,535) (9,847,059)
- - - 337,907 337,907 440,511
- - - (270,837)(270,837)(335,637)
- - - 202,925 202,925 98,214
- - - (369,954)(369,954)(199,842)
- - - (99,959)(99,959)3,246
$926,803 $75,165 (10,397,535)(99,959) (10,497,494) (9,843,813)
General revenues:
General property taxes 8,835,497 - 8,835,497 8,462,357
Tax increment taxes 3,091,945 - 3,091,945 2,272,455
Grants and contributions not
restricted to specific programs 1,147,322 158,891 1,306,213 1,002,881
Unrestricted investment earnings 896,704 198,617 1,095,321 (381,498)
Gain on disposal of capital assets 38,516 - 38,516 1,400
Other 13,284 25,654 38,938 55,291
Transfers (1,141,930) 1,141,930 - -
Total general revenues and transfers 12,881,338 1,525,092 14,406,430 11,412,886
Change in net position 2,483,803 1,425,133 3,908,936 1,569,073
Net position - January 1 20,038,512 29,971,437 50,009,949 48,440,876
Net position - December 31 $22,522,315 $31,396,570 $53,918,885 $50,009,949
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, 2023
With Comparative Totals For December 31, 2022
Street
Community Improvement
General Fund Center Fund Debt Service Fund
Assets
Cash and investments $5,150,240 $165,095 $3,572,833
Accrued interest 99,154 - -
Due from other governmental units 62,192 - -
Accounts receivable - net 73,458 16,156 -
Property taxes receivable: -
Delinquent 13,183 - 3,112
Due from county 26,123 - 9,694
Prepaid items 172,890 3,084 -
Inventories - at cost 22,220 - -
Loans receivable - - -
Special assessments receivable 6,285 - 1,375,486
Interfund loan receivable - - -
Lease receivable 1,195,069 698,185 -
Land held for resale - - -
Total assets $6,820,814 $882,520 $4,961,125
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $267,645 $10,142 $2,222
Due to other governmental units 22,426 - -
Salaries payable 167,859 1,573 -
Contracts payable - - -
Deposits payable 91,087 - 8,848
Unearned revenue - - -
Interfund loan payable - - -
Total liabilities 549,017 11,715 11,070
Deferred inflows of resources:
Related to leases 1,195,069 698,185 -
Unavailable revenue 19,468 - 1,378,598
Total deferred inflows of resources 1,214,537 698,185 1,378,598
Fund balance:
Nonspendable 195,110 3,084 -
Restricted 401,501 - 3,571,457
Committed - 169,536 -
Assigned - - -
Unassigned 4,460,649 - -
Total fund balance 5,057,260 172,620 3,571,457
Total liabilities, deferred inflows
of resources, and fund balance $6,820,814 $882,520 $4,961,125
The accompanying notes are an integral part of these financial statements.
34
Statement 3
Street Other
HRA TIF Improvement Public Utilities Governmental
Improvement Fund Project Fund Infrastructure Fund Funds
2023 2022
$4,913,995 $202,956 $2,409,467 $4,434,485 $20,849,071 $21,268,336
- - - - 99,154 49,357
11,800 - - - 73,992 124,741
- - - 132 89,746 82,488
10,876 - - 3,872 31,043 87,586
26,718 - - 5,746 68,281 45,574
554 - - 671 177,199 145,159
- - - - 22,220 24,178
- - - 665 665 2,205
- 36,610 - 10,717 1,429,098 1,673,181
- - 1,156,225 - 1,156,225 1,157,180
- - - - 1,893,254 1,277,549
409,188 - - - 409,188 378,008
$5,373,131 $239,566 $3,565,692 $4,456,288 $26,299,136 $26,315,542
$550,708 $23,227 $655 $203,075 $1,057,674 $2,256,157
3,292 - - 10,640 36,358 56,583
- - - 4,532 173,964 164,487
- 25,397 - - 25,397 118,341
70,757 - - - 170,692 134,525
- - - - - 653,504
959,326 - - 196,899 1,156,225 1,157,180
1,584,083 48,624 655 415,146 2,620,310 4,540,777
- - - - 1,893,254 1,277,549
10,876 36,610 - 14,589 1,460,141 1,774,971
10,876 36,610 - 14,589 3,353,395 3,052,520
554 - - 671 199,419 169,337
3,777,618 113,111 - 828,669 8,692,356 7,102,437
- - - 840,754 1,010,290 895,109
- 140,187 3,565,037 2,356,459 6,061,683 6,715,192
- (98,966) - - 4,361,683 3,840,170
3,778,172 154,332 3,565,037 4,026,553 20,325,431 18,722,245
$5,373,131 $239,566 $3,565,692 $4,456,288 $26,299,136 $26,315,542
Fund balance reported above $20,325,431 $18,722,245
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.31,648,215 33,424,119
Other long-term assets are not available to pay for current-period expenditures and,
therefore, are reported as unavailable in the funds.1,460,141 1,774,971
Net pension asset and corresponding deferred outflows and inflows of resources related to
the Saint Anthony Fire Department pension plan.433,414 421,414
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds.(24,479,076)(27,848,702)
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.(6,865,810)(6,455,535)
Net position of governmental activities $22,522,315 $20,038,512
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, 2023
With Comparative Totals For December 31, 2022
Street
Community Improvement HRA TIF
General Fund Center Fund Debt Service Fund Improvement Fund
Revenues:
General property taxes $5,678,378 $ - $1,994,274 $ -
Tax increment collections - - - 3,089,129
Licenses, fees and permits 687,640 - - -
Intergovernmental 1,530,633 - - -
Special assessments 5,990 - 291,316 -
Charges for services 1,164,210 127,300 - -
Cable franchise fees 89,882 - - -
Fines and forfeits 101,713 - - -
Investment income (loss)190,205 6,653 84,065 223,205
Contributions and donations 1,000 - - -
Refunds and reimbursements 6,725 - - -
Miscellaneous 13,284 - - -
Total revenues 9,469,660 133,953 2,369,655 3,312,334
Expenditures:
Current:
General government 1,299,114 - - 27,721
Public safety 5,763,413 - - -
Public works 919,739 - 6,652 -
Parks and recreation 324,728 165,342 - -
Housing and redevelopment - - - 10,716
Nondepartmental 88,013 - - -
Capital outlay - - - -
Debt service: -
Principal - - 2,065,000 -
Interest - - 537,787 93,150
Other costs - - 3,177 -
Construction/acquisition costs - - - -
Developer incentives - - - 1,123,986
Total expenditures 8,395,007 165,342 2,612,616 1,255,573
Revenues over (under) expenditures 1,074,653 (31,389)(242,961)2,056,761
Other financing sources (uses):
Bonds issued - - - -
Premium on bonds issued - - - -
Sale of capital assets - - - -
Transfers in 290,000 165,950 291,041 -
Transfers out (312,250)(120,000)(2,892)(646,414)
Total other financing sources (uses)(22,250)45,950 288,149 (646,414)
Net change in fund balance 1,052,403 14,561 45,188 1,410,347
Fund balance - January 1 4,004,857 158,059 3,526,269 2,367,825
Fund balance - December 31 $5,057,260 $172,620 $3,571,457 $3,778,172
The accompanying notes are an integral part of these financial statements.
36
Statement 4
Street Other
Improvement Public Utilities Governmental
Project Fund Infrastructure Fund Funds
2023 2022
$ - $ - $1,222,203 $8,894,855 $8,438,461
- - - 3,089,129 2,273,952
- - - 687,640 530,924
- - 494,614 2,025,247 1,471,972
20,179 - 1,763 319,248 460,873
- 3,400 - 1,294,910 1,221,419
- - - 89,882 96,099
- - 9,276 110,989 118,558
32,013 159,242 184,953 880,336 (288,249)
- - 50,844 51,844 6,174
- - 45 6,770 14,023
- - - 13,284 55,291
52,192 162,642 1,963,698 17,464,134 14,399,497
- - 81,212 1,408,047 1,226,942
- - 142,842 5,906,255 5,312,282
- 56,392 49,455 1,032,238 971,898
- - 13,587 503,657 516,460
- - 145,618 156,334 358,780
- - - 88,013 45,609
- 40,737 1,628,027 1,668,764 1,669,930
- - 1,135,000 3,200,000 3,170,000
- - 176,514 807,451 815,417
- - 2,910 6,087 87,435
187,332 - - 187,332 2,063,945
- - - 1,123,986 1,046,435
187,332 97,129 3,375,165 16,088,164 17,285,133
(135,140)65,513 (1,411,467)1,375,970 (2,885,636)
- - - - 2,385,000
- - - - 15,093
- - 38,516 38,516 608,497
- - 975,131 1,722,122 2,877,068
(235,041) - (216,825)(1,533,422)(2,557,000)
(235,041) - 796,822 227,216 3,328,658
(370,181)65,513 (614,645)1,603,186 443,022
524,513 3,499,524 4,641,198 18,722,245 18,279,223
$154,332 $3,565,037 $4,026,553 $20,325,431 $18,722,245
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, 2023
With Comparative Amounts For The Year Ended December 31, 2021
2023 2022
Amounts reported for governmental activities in the
statement of activities (Statement 2) are different because:
Net changes in fund balances - total governmental funds (Statement 4)$1,603,186 $443,022
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 capitalized capital outlays exceeded depreciation in the current period.(358,974) 1,356,696
Transfer out of governmental capital assets contributed to Enterprise Funds.(1,416,930) (1,156,331)
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. - (630,861)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.(314,830) 143,860
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.3,369,626 887,438
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 (loss) attributable to governmental activities.(410,275) (204,201)
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).12,000 60,712
Change in net position of governmental activities (Statement 2)$2,483,803 $900,335
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, 2023
With Comparative Totals For December 31, 2022
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
Assets:2023 2022
Current assets:
Cash and cash equivalents $1,486,054 $2,914,231 $400,931 $4,801,216 $4,014,769 $299,915
Accounts receivable - net 5,429 810,859 5,625 821,913 793,515 -
Prepaid items 13,309 87,162 - 100,471 35,611 -
Inventories - at cost 980,155 115,618 - 1,095,773 1,053,380 -
Total current assets 2,484,947 3,927,870 406,556 6,819,373 5,897,275 299,915
Noncurrent assets:
Capital assets:
Land - 5,653 2,084,301 2,089,954 2,089,954 -
Permanent easements - - 57,695 57,695 57,695 -
Land improvements - - 1,062,122 1,062,122 1,062,122 -
Buildings and structures 1,888,593 7,123,210 - 9,011,803 8,985,360 -
Furniture, fixtures and equipment 476,643 4,771,788 225,218 5,473,649 5,459,355 -
Distribution and collection system - 13,985,966 8,182,924 22,168,890 20,792,697 -
Software intangibles 62,894 - - 62,894 62,894 -
Total capital assets 2,428,130 25,886,617 11,612,260 39,927,007 38,510,077 -
Less: Allowance for depreciation (1,688,876) (10,316,002) (2,453,735) (14,458,613) (13,370,620) -
Net capital assets 739,254 15,570,615 9,158,525 25,468,394 25,139,457 -
Total assets 3,224,201 19,498,485 9,565,081 32,287,767 31,036,732 299,915
Deferred outflows of resources:
Related to OPEB - - - - - 482,359
Related to pensions - - - - - 6,460,732
Total deferred outflows of resources - - - - - 6,943,091
Liabilities:
Current liabilities:
Accounts payable 100,687 15,306 47,755 163,748 224,217 -
Due to other governmental units 82,765 5,041 - 87,806 78,785 -
Salaries payable 27,401 29,041 - 56,442 59,172 -
Accrued interest payable - 167 - 167 1,375 -
Refundable deposits - 47,570 - 47,570 49,330 -
Compensated absences payable - current 25,320 27,581 - 52,901 58,111 182,968
Bonds and notes payable - current - 155,376 - 155,376 145,000 -
Other post employment benefits liability - current - - - - - 55,980
Total current liabilities 236,173 280,082 47,755 564,010 615,990 238,948
Noncurrent liabilities:
Compensated absences payable - noncurrent 51,406 55,998 - 107,404 117,981 371,480
Bonds and notes payable - noncurrent - - - - 159,884 -
Other post employment benefits liability - noncurrent - - - - - 868,635
Net pension liability - - - - - 5,857,913
Total noncurrent liabilities 51,406 55,998 - 107,404 277,865 7,098,028
Total liabilities 287,579 336,080 47,755 671,414 893,855 7,336,976
Deferred inflows of resources:
Related to OPEB - - - - - 506,832
Related to pensions - - - - - 6,484,791
Total deferred inflows of resources - - - - - 6,991,623
Net position:
Net investments in capital assets 739,254 15,415,239 9,158,525 25,313,018 24,834,573 -
Unrestricted 2,197,368 3,747,166 358,801 6,303,335 5,308,304 (7,085,593)
Total net position $2,936,622 $19,162,405 $9,517,326 $31,616,353 $30,142,877 ($7,085,593)
Net position reported above $31,616,353 $30,142,877
Adjustment to report the cumulative internal balance for the net effect of activity
between the internal service fund and the enterprise funds over time.(219,783) (171,440)
Net position of business-type activities (Statement 1)$31,396,570 $29,971,437
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, 2023
With Comparative Totals For December 31, 2022
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2023 2022
Sales $7,065,954 $ - $ - $7,065,954 $7,040,797 $ -
Cost of sales (5,246,548) - - (5,246,548) (5,212,277) -
Gross profit 1,819,406 - - 1,819,406 1,828,520 -
Operating revenues:
Customer billings - 2,953,454 229,089 3,182,543 2,896,237 -
Charges for services - - - - - 738,984
Total operating revenues - 2,953,454 229,089 3,182,543 2,896,237 738,984
Total gross profit and operating revenues 1,819,406 2,953,454 229,089 5,001,949 4,724,757 738,984
Operating expenses:
Personal services 903,409 963,986 - 1,867,395 1,781,037 1,311,508
Supplies 383,575 163,941 527 548,043 514,881 -
Contracted services 82,832 189,075 269,711 541,618 373,212 -
Treatment charges (MCES) - 760,026 - 760,026 711,020 -
Other 7,827 234,716 6,875 249,418 240,441 -
Total operating expenses, excluding depreciation 1,377,643 2,311,744 277,113 3,966,500 3,620,591 1,311,508
Depreciation 80,143 688,452 319,398 1,087,993 1,042,367 -
Total operating expenses 1,457,786 3,000,196 596,511 5,054,493 4,662,958 1,311,508
Operating income (loss)361,620 (46,742) (367,422) (52,544) 61,799 (572,524)
Nonoperating revenues (expenses):
Investment income 63,934 124,189 10,494 198,617 (85,871) 16,368
Intergovernmental revenue - - 158,891 158,891 - 11,239
Interest expense - 928 - 928 (2,300) -
Gain on disposal of asset - - - - 1,400 -
Miscellaneous 831 5,796 19,027 25,654 24,875 -
Total nonoperating revenues (expenses)64,765 130,913 188,412 384,090 (61,896) 27,607
Income (loss) before contributions and transfers 426,385 84,171 (179,010) 331,546 (97) (544,917)
Contributions and transfers:
Capital contributions - 1,044,885 372,045 1,416,930 1,156,331 -
Transfers in - - - - 30,535 86,300
Transfers out (275,000) - - (275,000) (436,903) -
Total contributions and transfers (275,000) 1,044,885 372,045 1,141,930 749,963 86,300
Change in net position 151,385 1,129,056 193,035 1,473,476 749,866 (458,617)
Net position - January 1 2,785,237 18,033,349 9,324,291 30,142,877 29,393,011 (6,626,976)
Net position - December 31 $2,936,622 $19,162,405 $9,517,326 $31,616,353 $30,142,877 ($7,085,593)
Change in net position reported for business-type activities above $1,473,476 $749,866
Transfer in of capital assets from governmental activities 1,416,930 1,156,331
Transfers in reported as contribution revenue reported above (1,416,930) (1,156,331)
Adjustment for the net effect of the current year activity between the
internal service fund and the enterprise funds.(48,343) (81,128)
Change in net position of business-type activities (Statement 2)$1,425,133 $668,738
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, 2023
With Comparative Totals For December 31, 2022
Governmental
Activities
Water/Sewer/ Stormwater Internal
Liquor Water Plant Utility Service Fund
2023 2022
Cash flows from operating activities:
Receipts from customers and users $7,067,702 $2,921,548 $229,089 $10,218,339 $9,884,366 $ -
Receipts from interfund charges for pension benefits - - - - - 738,984
Payment to suppliers (5,849,891) (1,414,151) (240,312) (7,504,354) (7,156,121) -
Payment to employees (901,448) (984,464) - (1,885,912) (1,775,834) (861,311)
Miscellaneous revenue 831 5,796 19,027 25,654 24,875 -
Net cash flows provided by (used in)
operating activities 317,194 528,729 7,804 853,727 977,286 (122,327)
Cash flows from noncapital financing activities:
Transfer from General Fund - - - - 30,535 86,300
Transfer to General Fund (275,000) - - (275,000) (275,000) -
Intergovernmental revenue - - 158,891 158,891 - -
Net cash flows provided by (used in)
noncapital financing activities (275,000) - 158,891 (116,109) (244,465) 86,300
Cash flows from capital and related
financing activities:
Acquisition of capital assets - - - - (12,139) -
Proceeds from disposal of capital assets - - - - 1,400 -
Transfer to project Fund - - - - (161,903) -
Principal paid on debt - (145,000) - (145,000) (140,000) -
Interest paid on debt - (4,788) - (4,788) (7,975) -
Net cash flows provided by (used in)
capital and related financing activities - (149,788) - (149,788) (320,617) -
Cash flows from investing activities:
Investment income 63,934 124,189 10,494 198,617 (85,872) 16,368
Net increase (decrease) in cash and cash equivalents 106,128 503,130 177,189 786,447 326,332 (19,659)
Cash and cash equivalents - January 1 1,379,926 2,411,101 223,742 4,014,769 3,688,437 319,574
Cash and cash equivalents - December 31 $1,486,054 $2,914,231 $400,931 $4,801,216 $4,014,769 $299,915
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $361,620 ($46,742) ($367,422) ($52,544) $61,799 ($572,524)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue 831 5,796 19,027 25,654 24,875 -
Depreciation 80,143 688,452 319,398 1,087,993 1,042,367 -
Changes in assets and liabilities:
Decrease (increase) in receivables 1,748 (30,146) - (28,398) (49,763) -
Decrease (increase) in prepaid items 6,146 (71,006) - (64,860) (7,263) -
Decrease (increase) in inventory (66,620) 24,227 - (42,393) (44,178) -
Decrease (increase) in deferred outflows of resources - - - - - 1,425,417
Increase (decrease) in payables (66,674) (41,852) 36,801 (71,725) (50,551) (58,181)
Increase (decrease) in OPEB liability - - - - - (82,951)
Increase (decrease) in net pension liability - - - - - (6,993,708)
Increase (decrease) in deferred inflows of resources - - - - - 6,159,620
Total adjustments (44,426) 575,471 375,226 906,271 915,487 450,197
Net cash provided by (used in) operating activities $317,194 $528,729 $7,804 $853,727 $977,286 ($122,327)
Noncash investing, capital and financing activities:
Assets in the amount of $1,044,885 and $845,081 were contributed to the Water/Sewer/Water Plant Fund in 2023 and 2022, respectively.
Assets in the amount of $372,045 and $311,250 were contributed to the Stormwater Utility Fund in 2023 and 2022, 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, 2023
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.
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.
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.
43
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 Community Center Fund is used to account for the operation and maintenance of City Hall and
Community Services.
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.
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.
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
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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.
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.
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.
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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.
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 $120,143 $121,514 $1,371
General management 203,146 203,952 806
General government
buildings 127,308 145,313 18,005
Protective inspections 164,100 375,139 211,039
DARE program - 4,800 4,800
Nondepartmental 87,206 88,013 807
Nonmajor Funds:
Special Revenue Funds:
Police forfeiture 18,050 22,673 4,623
The over expenditures were funded by available fund balance.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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.
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.
G. RECEIVABLES
The estimated portion of uncollectible property taxes, special assessments, loans and leases receivable is
not material and has not been reported. 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.
Lease receivables are measured at the present value of lease payments expected to be received
during the lease term. The City may receive additional variable lease payments that are dependent upon the
lessee's revenue/the lessee's usage levels. These variable payments are excluded from the lease receivable.
A deferred inflow of resources is reported in relation to lease receivables. The deferred inflow of resources
is recorded at the commencement of the lease in an amount equal to the initial recording of the lease
receivable, and is recognized as revenue over the lease term.
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
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 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.
48
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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.
Capital assets 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 benefits which are attributable to services already rendered, accumulates, and is more likely
than not to be used for time off or otherwise paid 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.
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.
49
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Restricted - consists of amounts related to externally imposed constraints established by creditors,
grantors or contributors; or constraints imposed by state statutory provisions.
Committed - consists of internally imposed constraints. These constraints are established by resolution
of the City Council.
Assigned - consists of internally imposed constraints. These constraints reflect the specific purpose for
which it is the City’s intended use. These constraints are established by the City Council and/or
management. Pursuant to City Council policy, the City’s Finance Director and/or City Manager are
authorized to establish assignments of fund balance.
Unassigned - is the residual classification for the general fund and also reflects negative residual
amounts in other funds.
When both restricted and unrestricted resources are available for use, it is the City’s policy to first use
restricted resources, and then use unrestricted resources as they are needed.
When committed, assigned or unassigned resources are available for use, it is the City’s policy to use
resources in the following order: 1) committed, 2) assigned and 3) unassigned.
P. INTERFUND BALANCES AND TRANSACTIONS
During the course of operations, numerous transactions occur between individual funds for goods provided
or services rendered. 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.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund. Such advances are classified as “due to/from other funds.” 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.” 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.
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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, 2022, 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 assets 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.
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 assets 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, and reports deferred inflows
of resources related to leases in the government-wide Statement of Net Position and the governmental
funds Balance Sheet. 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.
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 ($24,479,076) difference are as follows:
Bonds payable ($23,500,000)
Accrued interest payable (269,492)
Unamortized bond premium (709,584)
Net adjustment to reduce fund balance - total
governmental funds to arrive at net position -
governmental activities. ($24,479,076)
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 ($358,974) difference are as follows:
Capital outlay $1,668,764
Construction/acquisition costs 187,332
Capital outlay not capitalized (15)
Depreciation expense (2,215,055)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($358,974)
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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
($314,830) difference are as follows:
Unavailable revenue - general property taxes:
At December 31, 2022 ($79,525)
At December 31, 2023 20,167
Unavailable revenue - tax increment taxes:
At December 31, 2022 (8,060)
At December 31, 2023 10,876
Unavailable revenue - special assessments:
At December 31, 2022 (1,673,181)
At December 31, 2023 1,429,098
Unavailable revenue - intergovernmental:
At December 31, 2022 (14,205)
At December 31, 2023 -
Net adjustments to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($314,830)
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 $3,369,626 difference are as follows:
Debt issued or incurred:
Issuance of general obligation bonds $ -
Premium on issued bonds -
Principal repayments 3,200,000
Change in accrued interest payable 50,941
Amortization of bond premium 118,685
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $3,369,626
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 at least 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, 2023, the bank balance of the City’s deposits
was covered by federal depository insurance or supplementary collateral.
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, temporary general obligation bonds, repurchase agreements, Minnesota
joint powers investment trusts and guaranteed investment contracts.
As of December 31, 2023, the City had the following investments and maturities:
Fair Less
Investment Type Rating Value Than 1 1-5 6-10 10+
Federal Home Loan Bank AA+$3,316,967 $289,314 $3,027,653 $ - $ -
Federal Home Loan Mortgage Corporation AA+95,010 - 95,010 - -
Money market funds AAAm 743,637 743,637 - - -
External investment pool - 4M Fund Not rated 8,747,844 8,747,844 - - -
External investment pool - 4M Plus Fund Not rated 30,124 30,124 - - -
External investment pool - 4M Term Series Not rated 1,300,000 1,300,000 - - -
Municipal Securities AA+, AAA 716,066 198,185 131,388 286,446 100,047
Brokered Certificates of Deposit Not rated 10,963,761 4,401,380 6,507,080 - 55,301
Total $25,913,409 $15,710,484 $9,761,131 $286,446 $155,348
Total investments $25,913,409
Total deposits 31,363
Petty cash 5,430
Total cash and investments $25,950,202
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.
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
The City has the following recurring fair value measurements as of December 31, 2023:
Investment Type 12/31/2023 Level 1 Level 2 Level 3
Investments at fair value:
Brokered Certificates of Deposit $10,963,761 $ - $10,963,761 $ -
Municipal Securities 716,066 - 716,066 -
Federal Agencies 3,411,977 - 3,411,977 -
Total/Subtotal 15,091,804 $0 $15,091,804 $0
Investments not categorized:
External investment pool - 4M, 4M Plus 10,077,968
Money market funds 743,637
Total $25,913,409
Fair Value Measurement Using
The City’s external investment pool investment is with the 4M fund which is regulated by Minnesota
Statutes and the Board of Directors of the League of Minnesota Cities. The 4M fund is an unrated pool and
the fair value of the position in the pool is the same as the value of pool shares. The pool is managed to
maintain a portfolio weighted average maturity of no greater than 60 days and seeks to maintain a constant
net asset value (NAV) per share of $1. The pool measures its investments at amortized cost in accordance
with Government Accounting Standards Board Statement No. 79.
The 4M Liquid Asset Fund has no redemption requirements. The 4M Plus Fund requires funds to be
deposited for a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period are
subject to a penalty equal to 7 days interest on the amount withdrawn. The 4M Term Series investments
are designed to be held to maturity. Withdrawal prior to maturity requires 7 days notice of redemption and
is subject to penalties.
C. INVESTMENT RISKS
Custodial credit risk – investments – For investments in securities, custodial credit risk is the risk that in the
event of failure of the counterparty to a transaction, the City will not be able to recover the value of its
investment securities that are in the possession of an outside party. Investments in investment pools and
money markets are not evidenced by securities that exist in physical or book entry form, and therefore are
not subject to custodial credit risk disclosures. The City’s investment policy does not address custodial
risk. However, investments in securities are held by the City’s broker-dealers of which $500,000 is insured
through SIPC. The broker-dealer has provided additional protection by providing additional insurance.
This insurance is subject to aggregate limits applied to all of the broker-dealers’ accounts.
Interest rate risk – Interest rate risk is the risk that changes in interest rates of debt investments could
adversely affect the fair value of an investment. The City’s investment policy requires the City to diversify
its investment portfolio to eliminate the risk of loss resulting from over concentration of assets in a specific
maturity. The policy also states the City’s investment portfolio will remain 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.
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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. As of December 31, 2023, the following investments subject to concentration
of credit risk disclosures were greater than 5% of total investments held by the City:
Federal Home Loan Bank – 12.8%
Note 3 RECEIVABLES
Significant receivables balances not expected to be collected within one year of December 31, 2023 are as follows:
Street
Community Improvement HRA TIF Nonmajor
General Center Debt Service Improvements Funds Total
Special assessments receivable $6,158 $ - $1,198,147 $ - $7,879 $1,212,184
Delinquent property taxes 8,000 - 1,900 - 2,300 12,200
Delinquent tax increment - 8,000 - 6,600 - 14,600
Lease receivable 1,164,060 590,360 - - - 1,754,420
$1,178,218 $598,360 $1,200,047 $6,600 $10,179 $2,993,404
Major Funds
LEASE RECEIVABLES
The City leases a portion of its water tower for two cellular tower antenna sites. The leases each contain an initial
noncancelable period of 5 years, with four renewal periods of 5 years each at the lessee’s option. Options on the
first lease extend through 2038. Options on the second lease extend through 2047. The City considers the
likelihood of these options being exercised to be greater than 50%. The agreements call for monthly lease payments
of $2,534 - $4,066, with increases of 2.5% - 3.0% per year. The lease receivable is measured at the present value of
future minimum lease payments expected to be received during the lease term.
The City leases space within its City Hall to the school district. The lease is non-cancellable through 2029. The
agreement calls for monthly lease payments of $10,608. The lease receivable is measured at the present value of
future minimum lease payments expected to be received during the lease term.
At December 31, 2023, the City recorded $1,893,254 in lease receivables and deferred inflows of resources for these
arrangements.
2023
Amortization of lease-related deferred inflows:
Antenna leases $28,340
Community Space leases
104,642
Total revenue recognized in relation to deferred inflow
amortization
132,982
Interest revenue
58,420
Total revenue recognized in relation to leased assets $191,402
56
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 $13,183 $6,285 $ - 19,468
Street Improvement Debt Service 3,112 1,375,486 - 1,378,598
HRA TIF Improvements - - 10,876 10,876
Street Improvement Project - 36,610 - 36,610
Nonmajor Funds 3,872 10,717 - 14,589
Total unavailable revenue $20,167 $1,429,098 $10,876 $1,460,141
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 5 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2023 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities:
Capital assets, not being depreciated:
Land $1,062,883 $ - $ - $1,062,883
Permanent easements 73,984 - - 73,984
Construction in progress 4,732,425 284,296 4,820,778 195,943
Total capital assets, not being depreciated 5,869,292 284,296 4,820,778 1,332,810
Capital assets, being depreciated:
Buildings and improvements 10,571,734 165,203 - 10,736,937
Land improvements 584,800 53,231 - 638,031
Furniture, fixtures and equipment 4,928,320 1,598,241 403,552 6,123,009
Streets 43,420,367 3,143,664 - 46,564,031
Storm sewers 428,469 - - 428,469
Intangible assets 56,823 15,294 - 72,117
Total capital assets, being depreciated 59,990,513 4,975,633 403,552 64,562,594
Less accumulated depreciation for:
Buildings and improvements 6,242,721 335,339 - 6,578,060
Land improvements 464,526 9,270 - 473,796
Furniture, fixtures and equipment 3,344,160 246,828 403,552 3,187,436
Streets 22,112,865 1,615,534 - 23,728,399
Storm sewers 241,827 - - 241,827
Intangible assets 29,587 8,084 - 37,671
Total accumulated depreciation 32,435,686 2,215,055 403,552 34,247,189
Total capital assets being depreciated - net 27,554,827 2,760,578 - 30,315,405
Governmental activities capital assets - net $33,424,119 $3,044,874 $4,820,778 $31,648,215
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
s
Beginning Ending
Balance Increases Decreases Balance
Business-type activities:
Capital assets, not being depreciated:
Land $2,089,954 $ - $ - $2,089,954
Permanent easements 57,695 - - 57,695
Total capital assets, not being depreciated 2,147,649 - - 2,147,649
Capital assets, being depreciated:
Buildings and structures 8,985,360 26,443 - 9,011,803
Land improvements 1,062,122 - - 1,062,122
Furniture, fixtures and equipment 5,459,355 14,294 - 5,473,649
Software and intangibles 62,894 - - 62,894
Stormwater 7,810,879 372,045 - 8,182,924
Distribution and collection system 12,981,818 1,004,148 - 13,985,966
Total capital assets, being depreciated 36,362,428 1,416,930 - 37,779,358
Less accumulated depreciation for:
Buildings and structures 3,263,465 230,677 - 3,494,142
Land improvements 163,846 43,891 - 207,737
Furniture, fixtures and equipment 1,703,509 224,238 - 1,927,747
Software and intangibles 26,022 10,534 - 36,556
Stormwater 1,055,913 89,349 - 1,145,262
Distribution and collection system 7,157,865 489,304 - 7,647,169
Total accumulated depreciation 13,370,620 1,087,993 - 14,458,613
Total capital assets being depreciated - net 22,991,808 328,937 - 23,320,745
Business-type activities capital assets - net $25,139,457 $328,937 $ - $25,468,394
59
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $125,216
Public safety 224,774
Public works, including depreciation of general infrastructure assets 1,843,395
Parks and recreation 21,670
Total depreciation expense - governmental activities 2,215,055
Business-type activities:
Liquor 80,143
Water/Sewer/Water Plant 688,452
Stormwater 319,398
Total depreciation expense - business-type activities 1,087,993
Total depreciation expense $3,303,048
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, 2023.
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, 2023
As of December 31, 2023, the long-term debt of the City consisted of the following:
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/2023
Governmental Activities:
G.O. Improvement Bonds:
G.O. Improvement Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2028 $5,440,000 $810,000
G.O. Improvement Bonds, Series 2014A 2.00-3.00% 4/10/2014 2/1/2030 2,070,000 1,030,000
G.O. Improvement Bonds, Series 2015A 2.00-3.00% 5/19/2015 2/1/2031 2,580,000 1,450,000
G.O. Improvement Bonds, Series 2016A 2.00-2.75% 6/2/2016 2/1/2032 1,455,000 915,000
G.O. Improvement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 1,355,000 370,000
G.O. Improvement Bonds, Series 2017A 3.00% 5/18/2017 2/1/2033 2,600,000 1,835,000
G.O. Improvement Bonds, Series 2018A 3.00-4.00% 5/15/2018 2/1/2034 2,610,000 2,005,000
G.O. Improvement Refunding Bonds, Series 2019A 2.25-4.00% 7/18/2019 2/1/2027 3,315,000 765,000
G.O. Improvement Bonds, Series 2020A 2.00-3.00% 5/19/2020 2/1/2036 3,000,000 2,675,000
G.O. Improvement Refunding Bonds, Series 2021A 2.00% 5/18/2021 2/1/2029 885,000 670,000
G.O. Improvement Bonds, Series 2021A 1.10-2.00% 5/18/2021 2/1/2037 2,085,000 1,935,000
G.O. Improvement Bonds, Series 2022A 3-3.25% 5/26/2022 2/1/2038 2,385,000 2,385,000
Total improvement bonds 29,780,000 16,845,000
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 1,995,000
G.O. Tax Increment Refunding Bonds, Series 2015B 2.00-3.00% 12/29/2015 2/1/2031 4,310,000 2,380,000
Total tax increment revenue bonds 7,975,000 4,375,000
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2016B 2.00% 6/2/2016 2/1/2026 1,445,000 280,000
G.O. Tax Abatement Refunding Bonds, Series 2017A 3.00% 5/18/2017 2/1/2025 835,000 235,000
G.O. Tax Abatement Refunding Bonds, Series 2019A 3.00-4.00% 7/18/2019 2/1/2035 1,145,000 960,000
Total tax abatement bonds 3,425,000 1,475,000
G.O. Lease Revenue Refunding Bonds:
G.O. Lease Revenue Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2024 3,995,000 395,000
Other G.O. Bonds:
G.O. Street Reconstruction Bonds, Series 2014C 2.00-3.00% 7/24/2014 2/1/2024 1,305,000 160,000
G.O. Equipment Certificate, Series 2017A 3.00% 5/18/2017 2/1/2027 520,000 250,000
Total other G.O. bonds 1,825,000 410,000
Unamortized bond premiums N/A 709,584
Total - bonded indebtedness 47,000,000 24,209,584
Compensated absences payable N/A 554,448
Total - governmental activities 47,000,000 24,764,032
Business-type activities
Revenue Bonds:
G.O. Water and Sewer Revenue Refunding Bonds, Series 2013A 2.00% 4/16/2013 2/1/2024 1,440,000 155,000
Unamortized bond premiums N/A 376
Total - bonded indebtedness 1,440,000 155,376
Compensated absences N/A 160,305
Total City indebtedness - business-type activities 1,440,000 315,681
Total City indebtedness $48,440,000 $25,079,713
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Annual debt service requirements to maturity for long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest
2024 $1,860,000 $433,308 $510,000 $122,062
2025 1,900,000 378,316 530,000 109,313
2026 1,750,000 325,349 555,000 95,700
2027 1,680,000 276,672 580,000 80,081
2028 1,595,000 231,990 605,000 62,975
2029 1,460,000 190,495 635,000 43,787
2030 1,370,000 151,867 655,000 23,025
2031 1,235,000 117,379 305,000 4,876
2032 1,070,000 87,861 - -
2033 900,000 62,240 - -
2034 665,000 41,934 - -
2035 470,000 28,138 - -
2036 475,000 17,298 - -
2037 255,000 8,519 - -
2038 160,000 2,600 - -
Total $16,845,000 $2,353,966 $4,375,000 $541,819
G.O. Improvement Bonds
Governmental Activities
G.O. Tax Increment Bonds
Year Ending
December 31 Principal Interest Principal Interest Principal Interest
2024 $275,000 $40,275 $395,000 $4,542 $220,000 $9,000
2025 285,000 32,150 - - 60,000 4,800
2026 160,000 25,700 - - 65,000 2,925
2027 75,000 21,900 - - 65,000 975
2028 75,000 19,275 - - - -
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 $1,475,000 $204,925 $395,000 $4,542 $410,000 $17,700
Revenue Bonds
G.O. LeaseG.O. Tax
Abatement Bonds
Other General
Obligation Bonds
Governmental Activities
Business-Type Activities
Year
Ending Revenue Bonds
December
31 Principal Interest
2024 $155,000 $1,550
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2023, was as follows:
Beginning Ending Due Within
Balance Increases Decreases Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement bonds $18,520,000 $ - $1,675,000 $16,845,000 $1,860,000
G.O. tax increment refunding bonds 4,870,000 - 495,000 4,375,000 510,000
G.O. tax abatement bonds 1,740,000 - 265,000 1,475,000 275,000
G.O. lease revenue refunding bonds 780,000 - 385,000 395,000 395,000
G.O. refunding bonds 170,000 - 170,000 - -
G.O. street reconstruction bonds 315,000 - 155,000 160,000 160,000
G.O. equipment certificates 305,000 -55,000 250,000 60,000
Total bonds payable 26,700,000 - 3,200,000 23,500,000 3,260,000
Unamortized bond premiums 828,269 - 118,685 709,584 -
Total bonded indebtedness 27,528,269 - 3,318,685 24,209,584 3,260,000
Compensated absences*612,629 -58,181 554,448 182,968
Total governmental activities $28,140,898 $ - $3,376,866 $24,764,032 $3,442,968
Business-type activities:
Revenue bonds $300,000 $ - $145,000 $155,000 $155,000
Unamortized bond premiums 4,884 -4,508 376 376
Total bonded indebtedness 304,884 - 149,508 155,376 155,376
Compensated absences*176,092 -15,787 160,305 52,901
Total business-type activities $480,976 $ - $165,295 $315,681 $208,277
*The change in compensated absences is presented as a net change.
All long-term bonded indebtedness outstanding at December 31, 2023 is backed by the full faith and credit of the
City, including improvement and revenue bond issues. Delinquent assessments receivable at December 31, 2023
totaled $2,915.
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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
2022A Road Improvements 2022 road construction Special assessments 13% N/A 2022-2038 2,942,921 86,473 266,222
2022 Mill & Overlay Property tax levy 87%
2021A Road Improvements 2021 road construction Special assessments 17% N/A 2021-2037 2,130,205 185,010 198,931
2021 Mill & Overlay Property tax levy 83%
2021A Refunding of 2013 road construction Special assessments 17% N/A 2013 - 2029 710,500 119,450 89,184
2013B Road Improvements Property tax levy 83%
2020A Street Reconstruction 2020 road construction Special assessments 4% N/A 2020-2036 3,075,175 242,475 200,908
Property tax levy 96%
2019A Improvement Refunding of 2010A Special assessments N/A N/A 2019-2026 821,300 234,600 220,832
Refunding road reconstruction Property tax levy
2019A Tax Abatement 2019 Utility improvements, trails Tax abatement revenue 100% N/A 2019-2035 1,149,500 97,900 81,630
2018A Improvement 2018 road construction Special assessments 30% N/A 2018-2034 2,375,437 225,175 168,118
Property tax levy 70%
2017A Improvements Refunding of 2009A
Refunding road reconstruction Special assessments 5% N/A 2017-2025 381,100 193,800 194,524
Property tax levy 95%
2017A Tax Abatement Refunding of 2009A Tax abatement revenue 100% N/A 2017-2025 242,125 118,700 68,428
Refunding Emerald Park improvements
2017A Improvement 2017 road reconstruction Special assessments 17% N/A 2017 - 2033 2,122,300 217,450 222,107
Property tax levy 83%
2017A Equipment Certificate 2017 Equipment note Property tax levy 100% N/A 2017 - 2033 265,300 63,325 338,954
2016A Improvement 2016 road reconstruction Special assessments 52% N/A 2016 - 2032 1,015,519 116,388 83,672
Property tax levy 48%
2016B Tax Abatement Mirror Lake improvements and Tax abatement revenue 100% N/A 2016 - 2026 288,300 96,500 105,898
pedestrian safety improvements
2015A Road Improvements 2015 road construction Special assessments 19% N/A 2015-2031 1,612,356 208,613 178,238
Property tax levy 81%
2015B Tax Increment Refunding 2006B TIF Bonds Tax Increment 100% N/A 2015-2031 2,665,981 337,613 1,054,548
2014A Improvement 2014 road construction Special assessments 18% N/A 2014 - 2030 1,147,128 168,870 167,781
Property tax levy 82%
2014B Tax Increment Refunding 2007 TIF Bonds Tax Increment 100% N/A 2015 -2031 2,250,838 291,800 890,334
2014C Road Improvements Refunding of 2008A Property tax levy 100% N/A 2014 - 2024 162,400 162,125 103,497
Sikver Lake Road improvements
2013A G.O. Water/Sewer Refunding 2003B G.O. Charges for services 100% 5% 2013-2024 156,550 149,550 2,953,454
Revenue Refunding Water/Sewer Revenue Bonds
2012 road construction
2012A Road Improvements Refunding Road improvement Special assessments 13% N/A 2012 - 2028 865,021 344,458 130,125
Bonds 2006A,2007A Property tax levy 87%
2012 building improvements
2012A Lease Revenue Refunding Lease Revenue Property tax levy 100% N/A 2012 - 2024 399,543 398,320 325,183
Bonds 2003A
Revenue Pledged Current Year
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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% for each of the first ten years of service and 1.7%
for each additional year. Under Method 2, the accrual rate for Coordinated Plan members is 1.7% 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. In 2023,
legislation repealed the statute delaying increases for members retiring before full retirement age.
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 2023 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, 2023 were $209,206. The City’s
contributions were equal to the required contributions as set by state statute.
2. PEPFF Contributions
Police and Fire Plan members were required to contribute 11.80% of their annual covered salary in
fiscal year 2023 and the City was required to contribute 17.70% for Police and Fire Plan members.
The City’s contributions to the PEPFF for the year ended December 31, 2023 were $532,143. 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, 2023, the City reported a liability of $1,906,834 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
$52,505.
The net pension liability was measured as of June 30, 2023, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of that date. The City’s
proportion of the net pension liability was based on the City’s contributions received by PERA during
the measurement period for employer payroll paid dates from July 1, 2022 through June 30, 2023,
relative to the total employer contributions received from all of PERA’s participating employers. The
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
City’s proportionate share was 0.0341% at the end of the measurement period and 0.0334% for the
beginning of the period.
City’s proportionate share of the net pension liability $1,906,834
State of Minnesota’s proportionate share of the net
pension liability associated with the City 52,505
Total $1,959,339
For the year ended December 31, 2023, the City recognized pension expense of $297,401 for its
proportionate share of the GERF’s pension expense. In addition, the City recognized an additional
$236 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, 2023, 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 $62,621 $13,271
Changes in actuarial assumptions 311,732 522,647
Net difference between projected
and actual investment earnings - 74,954
Changes in proportion 36,015 12,834
Contributions paid to PERA
subsequent to the measurement date 105,488 -
Total $515,856 $623,706
The $105,488 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, 2024. Other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Year Ending Pension
December 31 Expense
2024 $49,323
2025 (274,451)
2026 53,156
2027 (41,366)
2028 -
Thereafter -
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
2. PEPFF Pension Costs
At December 31, 2023, the City reported a liability of $3,951,079 for its proportionate share of the
PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2023 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, 2022 through June 30, 2023, relative to the total employer contributions received from all of
PERA’s participating employers. The City’s proportionate share was 0.2288% at the end of the
measurement period and 0.2348% for the beginning of the period.
The State of Minnesota contributed $18 million to PEPFF during the plan fiscal year ended June 30,
2023. 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 $9 million direct state aid was paid on October 1, 2022. 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. The State of Minnesota’s proportionate share of the net pension
liability associated with the City totaled $159,208.
City’s proportionate share of the net pension liability $3,951,079
State of Minnesota’s proportionate share of the net
pension liability associated with the City 159,208
Total $4,110,287
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, 2023, the City recognized pension expense of $938,001 for its proportionate
share of the Police and Fire Plan’s pension expense. The City recognized an additional ($9,589) 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
recognized $20,592 for the year ended December 31, 2023, 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.
68
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
At December 31, 2023, the City reported its proportionate share of the PEPFF’s deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
Deferred
Outflows
Deferred
Inflows
of Resources of Resources
Differences between expected and
actual economic experience $1,087,774 $ -
Changes in actuarial assumptions 4,574,695 5,554,548
Net difference between projected
and actual investment earnings - 177,404
Changes in proportion 12,736 129,133
Contributions paid to PERA
subsequent to the measurement date 269,671 -
Total $5,944,876 $5,861,085
The $269,671 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, 2024. Other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Year Ending Pension
December 31 Expense
2024 $139,763
2025 16,414
2026 938,268
2027 (286,086)
2028 (994,239)
Thereafter 5
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, 2023 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 7.00%
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 7.00% was deemed to be within that
range of reasonableness for financial reporting purposes.
Benefit increases after retirement are assumed to be 1.25% for the GERF and 1.00% for the PEPFF.
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Salary growth assumptions in the GERF range in annual increments from 10.25% after one year of service
to 3.0% after 27 years of service. In the PEPFF, salary growth assumptions range from 11.75% after one
year of service to 3.0% after 24 years of service.
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.
Actuarial assumptions for GERF are reviewed every four years. The most recent four-year experience
study for GERF was completed in 2022. The assumption changes were adopted by the Board and become
effective with the July 1, 2023 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 2023:
General Employees Fund
Changes in Actuarial Assumptions:
The investment return assumption and single discount rate were changed from 6.50% to 7.00%.
Changes in Plan Provisions:
An additional one-time direct state aid contribution of $170.1 million was contributed to the Plan on
October 1, 2023.
The vesting period of those hired after June 30, 2010, was changed from five years of allowable
service to three years of allowable service.
The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.
A one-time, non-compounding benefit increase of 2.50% minus the actual 2024 adjustment will be
payable in a lump sum for calendar year 2024 by March 31, 2024.
Police and Fire Fund
Changes in Actuarial Assumptions:
The investment return assumption was changed from 6.50% to 7.00%.
The single discount rate changed from 5.40% to 7.00%.
Changes in Plan Provisions:
An additional one-time direct state aid contribution of $19.4 million was contributed to the Plan on
October 1, 2023.
Vesting requirement for new hires after June 30, 2014, was changed from a graded 20-year vesting
schedule to a graded 10-year vesting schedule, with 50% vesting after five years, increasing
incrementally to 100% after 10 years.
A one-time, non-compounding benefit increase of 3.00% will be payable in a lump sum for calendar
year 2024 by March 31, 2024.
Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability
benefit for a psychological condition relating to the member’s occupation.
The total and permanent duty disability benefit was increased, effective July 1, 2023.
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.
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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%
Bonds 25% 0.75%
Unallocated cash 25% 5.90%
Total 100%
F. DISCOUNT RATE
The discount rate used to measure the total pension liability in 2023 was 7.00%. 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 PEPFF were projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on pension plan investments was
applied to all periods of projected benefit payments to determine the total pension liability.
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 Discount Rate Discount Rate
Proportionate share of the
GERF net pension liability $3,373,342 $1,906,834 $700,575
Proportionate share of the
PEPFF net pension liability $7,839,411 $3,951,079 $754,349
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.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
I. PENSION EXPENSE
Pension expense recognized by the City for the year ended December 31, 2023 is as follows:
GERF $297,637
PEPFF 928,412
Fire Relief 72,289
Total $1,298,338
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. As of
December 31, 2022 (measurement date), the plan covered 23 active firefighters and 10 vested terminated
firefighters 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
$72,289 in fire state aid to the plan for the year ended December 31, 2023. 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, 2023. The City’s contributions
were equal to the required contributions as set by state statute, if applicable. In addition, the City made
voluntary contributions of $12,000 to the plan.
D. PENSION COSTS
At December 31, 2023, the City reported a net pension asset of $397,881 for the SVF plan. 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 net
pension asset was measured as of December 31, 2022. Previously, the City’s fiscal year-end and the
measurement date were the same. However current year SVF plan information from PERA is not available.
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
The effect of re-reporting SVF plan information is not considered material to the financial statements. The
following table presents the changes in net pension asset during the year.
Total Pension Plan Fiduciary Net Pension
Liability Net Position Asset
(a) (b) (b) - (a)
Balance at December 31, 2021 $787,316 $1,373,737 $586,421
Changes for the year:
Service cost 33,436 - (33,436)
Interest 49,245 - (49,245)
Differences between expected and (32,532) - 32,532
actual experience -
Changes of assumptions - - -
Changes in benefit terms - - -
Contributions - employer - - -
Contributions - State of MN - 67,800 67,800
Contributions - employee - - -
Net investment income - (205,177) (205,177)
Benefit payments - - -
Administrative expense - (1,014) (1,014)
Net changes 50,149 (138,391) (188,540)
Balance at December 31, 2022 $837,465 $1,235,346 $397,881
Increase (Decrease)
There were no benefit provision changes during the measurement period.
For the year ended December 31, 2023, the City recognized pension expense of $72,289.
At December 31, 2023, the City reported deferred outflows and inflows of resources related to pensions
from the following sources:
Deferred
Outflows
Deferred
Inflows
of Resources of Resources
Differences between expected and actual
experience $ - $133,883
Changes of assumptions 10,497 9,881
Net differences between projected and
actual investment earnings 156,800 -
Contributions paid subsequent to the
measurement date 12,000 -
Total $179,297 $143,764
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
The $12,000 reported as deferred outflows of resources related to pensions resulting from City
contributions subsequent to the measurement date will be recognized as an increase to the net pension asset
in the year ending December 31, 2024. Other amounts reported as deferred outflows and inflows of
resources related to pensions will be recognized in pension expense as follows:
Year Ending Pension
December
31 Expense
2024 ($16,487)
2025 (6,994)
2026 19,405
2027 42,515
2028 (8,656)
Thereafter (6,250)
E. ACTUARIAL ASSUMPTIONS
The total pension liability, which was measured as of December 31, 2022 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%
There were no changes in actuarial assumptions during 2022
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 asset $372,333 $397,881 $421,379
74
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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%
Bonds 25% 0.75%
Unallocated cash 25% 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 2022 for the
Volunteer Firefighter Fund.
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
I. PENSION PLAN FIDUCIARY NET POSITION
Detailed information about the SVF plan’s fiduciary net position at December 31, 2022 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 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 2023, 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.
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
C. PARTICIPANTS
As of the December 31, 2021 actuarial valuation, participants of the plan consisted of:
Active employees 54
Inactive employees or beneficiaries
currently receiving benefits 5
Total 59
D. TOTAL OPEB LIABILITY AND CHANGES IN TOTAL OPEB LIABILITY
The City’s total OPEB liability of $924,615 was measured as of December 31, 2022 and was determined by
an actuarial valuation as of December 31, 2021. Changes in the total OPEB liability during the
measurement period were:
Balance - beginning of year $1,007,566
Changes for the year:
Service cost 79,666
Interest 21,820
Changes of benefit terms -
Differences between expected and actual experience 2,116
Changes in assumptions (130,573)
Benefit payments (55,980)
Net changes (82,951)
Balance - end of year $924,615
Changes in assumptions reflect a change in the discount rate from 2.06% for the measurement date of
December 31, 2021 to 4.05% for the measurement date of December 31, 2022.
E. ACTUARIAL ASSUMPTIONS AND OTHER INPUTS
The total OPEB liability in the December 31, 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 2.50%
Discount rate 4.05%
Investment rate of return NA
Healthcare cost trend rates 6.2% for 2022, decreasing each year to an
ultimate rate of 3.9% for 2075 and beyond
Retirees' share of benefit-related costs 100%
Since the plan is funded on a pay-as-you-go basis, the discount rate was based on the 20-year municipal
bond index.
Mortality, salary, and retirement rates are the rates used in the PERA plan of which the employee, retiree or
beneficiary is a participant.
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 or 1% higher than the current discount
rate:
Current
1% Decrease Discount Rate 1% Increase
Total OPEB liability $988,987 $924,615 $863,355
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 or 1% higher than the
current healthcare cost trend rates:
Current
Healthcare Cost
1% Decrease Trend Rates 1% Increase
Total OPEB liability $824,223 $924,615 $1,040,602
H. OPEB EXPENSE AND DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED
TO OPEB
For the year ended December 31, 2023, the City recognized $23,679 of OPEB expense. At December 31,
2023, 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 $52,042 $307,775
Differences between expected
and actual experience 374,337 199,057
Contributions subsequent to
the measurement date 55,980 -
Total
$482,359 $506,832
$55,980 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, 2024.
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in
OPEB expense as follows:
Year
Ending OPEB
December
31, Expense
2024 ($15,615)
2025 (15,615)
2026 (15,615)
2027 (15,615)
2028 (16,774)
Thereafter (1,219)
Note 10 INTERFUND LOANS AND TRANSFERS
Interfund loans receivable and payable balances at December 31, 2023 are as follows:
Fund Receivable Payable Purpose
Major funds:
Public Utilities Infrastructure $1,156,225 $ -
HRA TIF Improvements - 959,326 Provide financing for pay off of Fannie Mae loan
Nonmajor funds:
Revolving Improvement - 5,620 Provide financing for Arbors Alley
Park Improvement Fund - 191,279 Provide financing for tennis court maintenance
-
Total $1,156,225 $1,156,225
Interfund transfers:
Street Street Nonmajor Internal
General Community Improvement Improvement Governmental Stormwater Service
Fund Center Debt Service Project Funds Utility Fund Total
Governmental activities:
General Fund $ - $165,950 $ - $ - $60,000 $ - $86,300 $312,250
Community Center - - - - 120,000 - - 120,000
Street Improvement Debt Service - - - - 2,892 - - 2,892
HRA TIF Improvements 15,000 - - - 631,414 - - 646,414
Street Improvement Project - - 235,041 - - - - 235,041
Public Utilities Infrastructure - - - - - - - -
Nonmajor - - 56,000 - 160,825 - - 216,825
Business-type activities:
Liquor 275,000 - - - - - - 275,000
Stormwater Utility - - - - - - - -
Total transfers $290,000 $165,950 $291,041 $0 $975,131 $0 $86,300 $1,808,422
Transfer out
Governmental Funds Proprietary Funds
Transfer In
All 2023 transfers are considered routine and consistent with previous practices.
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 11 DEFICIT FUND BALANCES/NET POSITION
The City reported deficit fund balances/net position at December 31, 2023 as follows:
Fund Amount
Nonmajor funds:
Internal Service Fund $7,085,593
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 12 CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets;
errors and omissions; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self-insurance program through the League
of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the LMCIT. The City
is subject to supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through
Workers Compensation Reinsurance Association (WCRA) as required by law. The City has no deductible
and a managed care program to assist employees with their rehabilitation plan. Annual employee hours of
service are audited and final premiums are then determined. The amount of premium adjustment, if any, is
considered immaterial and not recorded until received or paid.
Property, casualty and automobile insurance coverage are provided through a pooled self-insurance
program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to
supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through commercial
companies for claims in excess of various amounts. The City retains risk for the deductible portions.
These deductibles are considered immaterial to the financial statements.
The City continues to carry commercial insurance for all other risks of loss, including liquor liability,
employee health and disability insurance.
There were no significant reductions in insurance from the previous year. 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.
80
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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, 2023.
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:
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 amounts to
$907,022. At December 31, 2023, the principal amount outstanding on the note was $834,092.
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 amounts to $75,559. At December
31, 2023, the principal and unpaid interest amount outstanding on the note was $1,132,475.
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
81
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
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 amounts to $382,192. At December 31, 2023, the principal amount outstanding on the
note was $0.
TIF District #3-5, Doran Apartments
Issued in 2023 in the principal sum of $1,950,000 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 amounts to $27,919. At December 31, 2023, the principal amount outstanding on the
note was $966,095.
TIF District # 1953, Lowry Grove
Issued in 2023 in the principle sum of $2,350,000 with an interest rate of 4.0% per annum. Principal and
interest shall be paid on February 1 and august1 thereafter and including February 1, 2032. 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 increments
received in the prior six months. The payment reimburses the developer for public improvements The City
has no obligation for any unpaid balance of principal and interest that may remain after the final payment
on February 1, 2032. The current year abatement amounts to $16,470. At December 31, 2023, the principal
and interest amount outstanding on the note was $2,418,782.
F. ARBITRAGE
The City issued greater than $5 million of bonds in the years 2006, 2007 and 2011 and, therefore, is
required to rebate excess investment income relating to these issues to the federal government. The City
calculates arbitrage rebate every five years as permitted by arbitrage regulations. The extent of the City’s
liability for arbitrage rebates for bond issues not currently requiring five year rebate calculations is not
determinable at this time. However, in the opinion of management, any such liability would be immaterial.
Note 13 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General obligation bond issues sold by the City are financed by ad valorem tax levies and improvement bond issues
sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied against the
benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies is sold,
specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is notified and
instructed to levy these taxes over the appropriate years. The future tax levies are subject to cancellation when and
if the City has provided alternative sources of financing. The City Council is required to levy any additional taxes
found necessary for full payment of principal and interest. These future scheduled tax levies are not shown as assets
in the accompanying financial statements at December 31, 2023.
82
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 14 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2023, a summary of the governmental fund balance classifications are as follows:
Street
Improvement Street Public Other
Community Debt HRA TIF Improvement Utilities Governmental
General Fund Center Service Projects Projects Infrastructure Funds Total
Nonspendable:
Prepaid items $172,890 $3,084 $ - $554 $ - $ - $671 $177,199
Inventory 22,220 - - - - - - 22,220
Total nonspendable 195,110 3,084 - 554 - - 671 199,419
Restricted for:
Tax increment - - - 3,777,618 - - - 3,777,618
Public safety 401,501 - - - - - 59,045 460,546
Capital Improvements - - - - 113,111 - - 113,111
Debt service - - 3,571,457 - - - 769,624 4,341,081
Total restricted 401,501 0 3,571,457 3,777,618 113,111 0 828,669 8,692,356
Committed to:
Community Center - 169,536 - - - - - 169,536
Redevelopment activities - - - - - - 840,754 840,754
Total committed 0 169,536 0 0 0 0 840,754 1,010,290
Assigned to:
Street improvements/rehab - - - - 140,187 - - 140,187
Building improvements - - - - - - 711,034 711,034
Public utilities infrastructure - - - - - 3,565,037 - 3,565,037
Parks and recreation - - - - - - 215,395 215,395
Other capital improvements - - - - - - 1,430,030 1,430,030
Total assigned 0000140,1873,565,0372,356,4596,061,683
Unassigned 4,460,649 - - - (98,966) - - 4,361,683
Total $5,057,260 $172,620 $3,571,457 $3,778,172 $154,332 $3,565,037 $4,026,553 $20,325,431
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, 2023, the unassigned fund balance of the
General Fund was 54% of the subsequent year’s budgeted expenditures.
83
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 15 CONDUIT DEBT OBLIGATION
From time to time, the City has issued Multi-family Housing Revenue Bonds to provide financial assistance to
private-sector entities for the acquisition and construction of rental housing deemed to be in the public interest. The
bonds are secured by the property financed and are payable solely from payments received on the underlying
mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector
entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in
any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
financial statements.
As of December 31, 2023, there was one series of Multi-family Housing Revenue Bonds outstanding. The
aggregate issued amount was $16,950,000. The balance outstanding at December 31, 2023 is $15,780,000.
Note 16 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable principally
from property taxes. The City’s legal debt margin for 2023 and 2022 is computed as follows:
December 31, December 31,
2023 2022
Market value:
Ramsey County $489,648,800 $428,489,400
Hennepin County 871,731,200 798,681,700
Total market value 1,361,380,000 1,227,171,100
Debt limit percentage 3% 3%
Debt limit 40,841,400 36,815,133
Amount of debt applicable to debt limit:
Total bonded debt 23,655,000 27,000,000
Less nonapplicable debt:
Revenue bonds (water, sewer) (155,000) (300,000)
Tax abatement bonds (1,475,000) (1,740,000)
Improvement bonds (13,870,000) (15,445,000)
Tax increment bonds (4,375,000) (4,870,000)
Total amount of debt applicable to debt limit 3,780,000 4,645,000
Legal debt margin $37,061,400 $32,170,133
84
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 17 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. 99 Omnibus 2022. The provisions of this Statement contain multiple effective dates, the first
being for reporting periods beginning after June 15, 2022.
Statement No. 100 Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62.
The provisions of this Statement are effective for reporting periods beginning after June 15, 2023.
Statement No. 102 Certain Risk Disclosures. The provisions of this Statement are effective for reporting
periods beginning after June 15, 2024.
Statement No. 103 Financial Reporting Model Improvements. The provisions of this Statement are effective
for fiscal years beginning after June 15, 2025.
The effect these standards may have on future financial statements is not determinable at this time.
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86
REQUIRED SUPPLEMENTARY INFORMATION
87
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, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Revenues:
General property taxes $5,632,793 $5,632,793 $5,678,378 $45,585 $5,303,007
Special assessments - - 5,990 5,990 5,935
Licenses and permits 314,930 314,930 687,640 372,710 530,924
Intergovernmental:
Federal:
Public safety grants 210,539 210,539 37,047 (173,492) 357,065
State:
Local governement aid 652,707 652,707 652,707 - 649,440
Police aid 204,043 204,043 208,047 4,004 214,782
Municipal state aid - street maintenance 107,826 107,826 104,814 (3,012) 135,784
Public safety aid 401,501 401,501 -
Fire aid - - 72,289 72,289 -
County:
Other 24,384 24,384 40,445 16,061 13,240
Local:
Other 24,929 24,929 13,783 (11,146) 71,195
Total intergovernmental 1,224,428 1,224,428 1,530,633 306,205 1,441,506
Charges for services:
Police contracts 860,310 860,310 860,310 - 802,283
Antenna rental - water tower 47,903 47,903 66,806 18,903 62,118
Other 226,767 226,767 237,094 10,327 219,518
Total charges for services 1,134,980 1,134,980 1,164,210 29,230 1,083,919
Cable franchise fees 93,053 93,053 89,882 (3,171) 96,099
Fines and forfeits 73,605 73,605 101,713 28,108 74,027
Contributions and donations 1,000 1,000 1,000 - 6,162
Other revenue:
Investment income 500 500 190,205 189,705 (92,847)
Refunds and reimbursments 3,500 3,500 6,725 3,225 9,652
Miscellaneous - other 19,249 19,249 13,284 (5,965) 42,264
Total other revenue 23,249 23,249 210,214 186,965 (40,931)
Total revenues 8,498,038 8,498,038 9,469,660 971,622 8,500,648
Expenditures:
General government:
Mayor and council:
Current:
Personal services 40,819 40,819 40,810 9 40,819
Other services and charges 79,324 79,324 80,704 (1,380) 73,298
Total mayor and council 120,143 120,143 121,514 (1,371) 114,117
Budgeted Amounts
See accompanying notes to the required supplementary information.
88
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, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Expenditures: (continued)
General government: (continued)
Public relations/cable:
Current:
Personal services $11,694 $11,694 $11,895 ($201) $11,371
Supplies 700 700 - 700 -
Other services and charges 46,015 46,015 43,723 2,292 40,782
Total public relations/cable 58,409 58,409 55,618 2,791 52,153
General management:
Current:
Personal services 172,607 172,607 177,569 (4,962) 164,144
Supplies 250 250 243 7 226
Other services and charges 30,289 30,289 26,140 4,149 24,297
Total general management 203,146 203,146 203,952 (806) 188,667
Elections:
Current:
Personal services 130,797 130,797 120,025 10,772 113,944
Supplies 1,910 1,910 1,077 833 555
Other services and charges 12,170 12,170 9,146 3,024 16,474
Total elections 144,877 144,877 130,248 14,629 130,973
Finance:
Current:
Personal services 255,765 255,765 257,953 (2,188) 227,092
Supplies 9,652 9,652 5,253 4,399 10,861
Other services and charges 126,956 126,956 127,374 (418) 119,164
Total finance 392,373 392,373 390,580 1,793 357,117
Assessing:
Current:
Personal services 5,281 5,281 4,669 612 4,759
Supplies 200 200 55 145 55
Other services and charges 78,000 78,000 78,000 - 73,000
Total assessing 83,481 83,481 82,724 757 77,814
Legal:
Current:
Contracted services 142,000 142,000 86,247 55,753 76,776
Planning and zoning:
Current:
Personal services 14,685 14,685 14,053 632 13,815
Supplies 125 125 68 57 18
Other services and charges 75,195 75,195 68,797 6,398 64,459
Total planning and zoning 90,005 90,005 82,918 7,087 78,292
Budgeted Amounts
See accompanying notes to the required supplementary information.
89
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, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Other services and charges $127,308 $127,308 $145,313 ($18,005) $124,428
Total general government 1,361,742 1,361,742 1,299,114 62,628 1,200,337
Public safety:
Emergency management:
Current:
Personal services 92,281 92,281 86,446 5,835 87,581
Supplies 570 570 - 570 -
Other services and charges 3,298 3,298 2,937 361 2,142
Total civil defense 96,149 96,149 89,383 6,766 89,723
Police protection:
Current:
Personal services 3,581,000 3,581,000 3,463,784 117,216 3,378,024
Supplies 118,949 118,949 132,778 (13,829) 95,275
Other services and charges 336,632 336,632 325,018 11,614 282,100
Total police protection 4,036,581 4,036,581 3,921,580 115,001 3,755,399
Fire protection:
Current:
Personal services 1,350,677 1,350,677 1,172,608 178,069 1,045,835
Supplies 57,641 57,641 54,307 3,334 62,073
Other services and charges 121,266 121,266 145,596 (24,330) 105,300
Total fire protection 1,529,584 1,529,584 1,372,511 157,073 1,213,208
Protective inspections:
Current:
Personal services 15,058 15,058 15,243 (185) 14,276
Supplies 150 150 - 150 161
Other services and charges 148,892 148,892 359,896 (211,004) 225,445
Total protective inspections 164,100 164,100 375,139 (211,039) 239,882
DARE program:
Current:
Personal services - - 4,800 (4,800) 47
Total public safety 5,826,414 5,826,414 5,763,413 63,001 5,298,259
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 4 of 5
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Public works:
Street maintenance:
Current:
Personal services $517,919 $517,919 $475,355 $42,564 $463,671
Supplies 26,800 26,800 29,664 (2,864) 22,012
Other services and charges 127,852 127,852 160,835 (32,983) 169,655
Total street maintenance 672,571 672,571 665,854 6,717 655,338
Equipment maintenance:
Current:
Personal services 55,286 55,286 55,332 (46) 51,962
Supplies 99,830 99,830 70,344 29,486 94,727
Other services and charges 71,164 71,164 72,625 (1,461) 67,199
Total equipment maintenance 226,280 226,280 198,301 27,979 213,888
Tree and weed care:
Current:
Personal services 52,228 52,228 51,590 638 47,485
Other services and charges 3,875 3,875 3,994 (119) 1,801
Total tree and weed care 56,103 56,103 55,584 519 49,286
Total public works 954,954 954,954 919,739 35,215 918,512
Parks and recreation:
Park maintenance:
Current:
Personal services 193,264 193,264 196,925 (3,661) 183,378
Supplies 20,352 20,352 16,221 4,131 18,654
Other services and charges 72,180 72,180 59,406 12,774 65,422
Total park maintenance 285,796 285,796 272,552 13,244 267,454
Recreation:
Current:
Community services 52,176 52,176 52,176 - 52,176
Total parks and recreation 337,972 337,972 324,728 13,244 319,630
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 5 of 5
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Expenditures: (continued)
Nondepartmental:
Supplies $72,206 $72,206 $50,641 $21,565 $40,250
Insurance deductible costs 15,000 15,000 37,372 (22,372) 5,359
Total nondepartmental 87,206 87,206 88,013 (807) 45,609
Total expenditures 8,568,288 8,568,288 8,395,007 173,281 7,782,347
Revenues over (under) expenditures (70,250) (70,250) 1,074,653 1,144,903 718,301
Other financing sources (uses):
Transfers in 290,000 290,000 290,000 - 290,000
Transfers out (206,300) (206,300) (312,250) (105,950) (880,230)
Total other financing sources (uses) 83,700 83,700 (22,250) (105,950) (590,230)
Net change in fund balance $13,450 $13,450 1,052,403 $1,038,953 128,071
Fund balance - January 1 4,004,857 3,876,786
Fund balance - December 31 $5,057,260 $4,004,857
Budgeted Amounts
See accompanying notes to the required supplementary information.
92
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - COMMUNITY CENTER FUND
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Variance with
2023 Final Budget 2022
Actual Positive Actual
Original Final Amounts (Negative) Amounts
Revenues:
Charges for services:
Rental receipts $127,300 $127,300 $127,300 $ - $127,300
Investment income 50 50 6,653 6,603 (2,852)
Total revenues 127,350 127,350 133,953 6,603 124,448
Expenditures:
Parks and recreation:
Current:
Personal services 51,675 51,675 52,509 (834) 49,425
Supplies 5,500 5,500 6,418 (918) 5,592
Contractual services 129,650 129,650 106,415 23,235 128,477
Total expenditures 186,825 186,825 165,342 21,483 183,494
Revenues over (under) expenditures (59,475) (59,475) (31,389) 28,086 (59,046)
Other financing sources (uses):
Transfer in 120,000 120,000 165,950 45,950 170,474
Transfer out (110,000) (110,000) (120,000) (10,000) (105,474)
Total other financing sources (uses)10,000 10,000 45,950 35,950 65,000
Net change in fund balance ($49,475) ($49,475) 14,561 $64,036 5,954
Fund balance (deficit) - January 1 158,059 152,105
Fund balance (deficit) - December 31 $172,620 $158,059
Budgeted Amounts
93
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 11
SCHEDULE OF CHANGES IN THE CITY'S TOTAL OPEB LIABILITY AND RELATED RATIOS
For The Year Ended December 31, 2023
2023 2022 2021 2020 2019 2018
Total OPEB liability:
Service cost $79,666 $72,464 $62,011 $49,034 $66,821 $60,682
Interest 21,820 15,890 18,122 36,179 29,763 28,711
Changes of benefit terms - - - - - -
Differences between expected and actual experience 2,116 479,711 8,294 (347,833) - -
Changes in assumptions (130,573) (222,336) 19,545 52,159 (43,327) 21,006
Benefit payments (55,980) (30,409) (30,213) (21,165) (11,075) (10,672)
Net change in total OPEB liability (82,951) 315,320 77,759 (231,626) 42,182 99,727
Total OPEB liability - beginning 1,007,566 692,246 614,487 846,113 803,931 704,204
Total OPEB liability - ending $924,615 $1,007,566 $692,246 $614,487 $846,113 $803,931
Covered-employee payroll $5,000,000 $4,900,000 $4,600,000 $4,500,000 $4,897,999 $4,627,624
Total OPEB liability as a percentage of covered-employee payroll 18.5% 20.6% 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.
94
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 12
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%
2022 2022 0.0334%2,645,291 77,599 2,722,890 2,499,959 108.9% 76.7%
2023 2023 0.0341%1,906,834 52,505 1,959,339 2,709,607 72.3% 83.1%
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.
95
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 13
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%
2022 197,027 197,027 - 2,627,030 7.50%
2023 209,206 209,206 - 2,789,412 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.
96
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 14
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY -
PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The 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 0.2770% $3,147,368 $ - $3,147,368 $2,535,887 124.1% 86.6%
2016 2016 0.2920% 11,718,468 - 11,718,468 2,816,408 416.1% 63.9%
2017 2017 0.2650%3,577,815 - 3,577,815 2,722,821 131.4% 85.4%
2018 2018 0.2426%2,585,866 - 2,585,866 2,553,675 101.3% 88.8%
2019 2019 0.2442%2,599,756 - 2,599,756 2,576,175 100.9% 89.2%
2020 2020 0.2369%3,122,595 73,538 3,196,133 2,672,439 116.8% 87.2%
2021 2021 0.2368%1,827,845 82,193 1,910,038 2,798,746 65.3% 93.7%
2022 2022 0.2348% 10,217,569 446,256 10,663,825 2,851,986 358.3% 70.5%
2023 2023 0.2288%3,951,079 159,208 4,110,287 3,005,197 131.5% 86.5%
The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
See accompanying notes to the required supplementary information.
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98
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 15
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%
2022 521,212 521,212 - 2,944,701 17.70%
2023 532,143 532,143 - 3,006,456 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
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 - December 31 2023 & 2022* 2021 2020
Measurement date - December 31 2022 2021 2020
Total pension liability:
Service cost $33,436 $28,986 $28,181
Interest 49,245 48,237 46,153
Changes in benefit terms - - -
Differences between expected and actual experience (32,532)(58,248)(33,785)
Changes of assumptions - - -
Benefit payments - (13,240) -
Net change in total pension liability 50,149 5,735 40,549
Total pension liability - beginning 787,316 781,581 741,032
Total pension liability - ending (a)$837,465 $787,316 $781,581
Plan fiduciary net position:
Contributions - employer $ - $7,890 $6,000
Contributions - State of Minnesota 67,800 60,530 58,407
Contributions - employee - - -
Net investment income (205,177)117,572 150,122
Benefit payments - (13,240) -
Administrative expense (1,014)(2,919)(12,185)
Net change in plan fiduciary net position (138,391)169,833 202,344
Plan fiduciary net position - beginning 1,373,737 1,203,904 1,001,560
Plan fiduciary net position - ending (b)$1,235,346 $1,373,737 $1,203,904
Net pension asset - ending (b) - (a)$397,881 $586,421 $422,323
Plan fiduciary net position as a percentage of the
total pension liability 147.5%174.5%154.0%
Covered-employee payroll N/A N/A N/A
Net pension liability as a percentage of covered
employee payroll N/A N/A N/A
Pension benefit per year of service $3,800 $3,800 $3,800
Number of plan participants 34 31 33
GASB 68 was implemented in 2015. Information prior to 2015 is not available.
N/A - the Relief Association is comprised of paid on-call firefighters whose pay does not meet the definition of covered payroll.
* Prior to 2023, the fiscal year end and measurement date were the same. However, 2023 SVF plan information from
PERA is not available and therefore, 2022 amounts were re-reported in the City's 2023 ACFR.
See accompanying notes to the required supplementary information.
100
Statement 16
2019 2018 2017 2016 2015
2019 2018 2017 2016 2015
$40,799 $37,633 $37,542 $47,233 $44,095
42,195 40,951 44,308 31,829 30,759
35,173 26,091 - - -
(71,654) - (35,041) - -
15,462 - 2,699 (36,075) -
(27,928) (144,500)(7,260)(80,200)(25,472)
34,047 (39,825)42,248 (37,213)49,382
706,985 746,810 704,562 741,775 692,393
$741,032 $706,985 $746,810 $704,562 $741,775
$6,000 $6,000 $6,000 $6,000 $6,000
54,716 53,083 51,206 51,174 48,725
- - - - -
98,394 (54,281)93,511 39,971 (23,129)
(27,928) (144,500)(7,260)(80,200)(25,472)
(11,640)(11,547)(11,829)(8,653)(10,561)
119,542 (151,245)131,628 8,292 (4,437)
882,018 1,033,263 901,635 893,343 897,780
$1,001,560 $882,018 $1,033,263 $901,635 $893,343
$260,528 $175,033 $286,453 $197,073 $151,568
135.2%124.8%138.4%128.0%120.4%
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
$3,800 $3,500 $3,300 $3,300 $3,300
30 33 35 32 32
See accompanying notes to the required supplementary information.
101
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 17
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
2022 - - - - NA
2023 - 12,000 (12,000) - 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.
102
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2022
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
2023 Changes in Actuarial Assumptions:
The investment return assumption and single discount rate were changed from 6.50% to 7.00%.
2023 Changes in Plan Provisions:
An additional one‐time direct state aid contribution of $170.1 million was contributed to the Plan on
October 1, 2023.
The vesting period of those hired after June 30, 2010, was changed from five years of allowable
service to three years of allowable service.
The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.
A one‐time, non‐compounding benefit increase of 2.50% minus the actual 2024 adjustment will be
payable in a lump sum for calendar year 2024 by March 31, 2024.
2022 Changes in Actuarial Assumptions:
The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021.
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.
103
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2022
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.
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
2023 Changes in Actuarial Assumptions:
The investment return assumption was changed from 6.50% to 7.00%.
The single discount rate changed from 5.40% to 7.00%.
2023 Changes in Plan Provisions:
An additional one‐time direct state aid contribution of $19.4 million was contributed to the Plan on
October 1, 2023.
Vesting requirement for new hires after June 30, 2014, was changed from a graded 20‐year vesting
schedule to a graded 10‐year vesting schedule, with 50% vesting after five years, increasing
incrementally to 100% after 10 years.
A one‐time, non‐compounding benefit increase of 3.00% will be payable in a lump sum for calendar
year 2024 by March 31, 2024.
Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability
benefit for a psychological condition relating to the member’s occupation.
The total and permanent duty disability benefit was increased, effective July 1, 2023.
2022 Changes in Actuarial Assumptions:
The single discount rate changed from 6.50% to 5.4%.
The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021.
104
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2022
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.
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.
105
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2022
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.
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 18
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2023
With Comparative Totals For December 31, 2022
Special Debt Capital
Revenue Service Project 2023 2022
Assets
Cash and investments $915,830 $767,216 $2,751,439 $4,434,485 $4,809,318
Accounts receivable - net 132 - - 132 35,498
Property taxes receivable:
Delinquent 1,383 1,072 1,417 3,872 11,611
Due from county 818 2,408 2,520 5,746 4,558
Prepaid items 671 - - 671 1,419
Loans receivable 665 - - 665 2,205
Special assessments receivable - - 10,717 10,717 3,174
Total assets $919,499 $770,696 $2,766,093 $4,456,288 $4,867,783
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $2,500 $ - $200,575 $203,075 $8,949
Due to other governmental units 10,614 - 26 10,640 967
Salaries payable 4,532 - - 4,532 4,031
Interfund loan payable - - 196,899 196,899 197,854
Total liabilities 17,646 - 397,500 415,146 211,801
Deferred inflows of resources:
Unavailable revenue 1,383 1,072 12,134 14,589 14,784
Fund balance:
Nonspendable 671 - - 671 1,419
Restricted 59,045 769,624 - 828,669 926,184
Committed 840,754 - - 840,754 739,729
Assigned - - 2,356,459 2,356,459 2,973,866
Total fund balance 900,470 769,624 2,356,459 4,026,553 4,641,198
Total liabilities, deferred inflows of
resources, and fund balance $919,499 $770,696 $2,766,093 $4,456,288 $4,867,783
Total Nonmajor
Governmental Funds
110
CITY OF ST. ANTHONY, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 19
CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Special Debt Capital
Revenue Service Project 2023 2022
Revenues:
General property taxes $210,381 $499,509 $512,313 $1,222,203 $1,167,527
Intergovernmental - - 494,614 494,614 -
Special assessments - - 1,763 1,763 1,846
Fines and forfeits 9,276 - - 9,276 44,531
Investment income (loss) 39,821 20,050 125,082 184,953 (77,329)
Contributions and donations - - 50,844 50,844 12
Refunds and reimbursements 45 - - 45 2,051
Total revenues 259,523 519,559 1,184,616 1,963,698 1,138,638
Expenditures:
Current:
General government - - 81,212 81,212 -
Public safety 11,353 - 131,489 142,842 12,712
Public works - - 49,455 49,455 50,123
Parks and recreation - - 13,587 13,587 13,336
Housing and redevelopment 145,618 - - 145,618 156,938
Capital outlay 11,320 - 1,616,707 1,628,027 970,860
Debt service:
Principal - 1,135,000 - 1,135,000 1,095,000
Interest - 171,258 5,256 176,514 203,199
Paying agent fees - 2,910 - 2,910 2,863
Total expenditures 168,291 1,309,168 1,897,706 3,375,165 2,505,031
Revenues over (under) expenditures 91,232 (789,609) (713,090) (1,411,467) (1,366,393)
Other financing sources:
Sale of capital assets - - 38,516 38,516 608,497
Transfers in - 702,239 272,892 975,131 1,871,305
Transfers out - - (216,825) (216,825) (109,721)
Total other financing sources - 702,239 94,583 796,822 2,370,081
Net change in fund balance 91,232 (87,370) (618,507) (614,645) 1,003,688
Fund balance - January 1 809,238 856,994 2,974,966 4,641,198 3,637,510
Fund balance - December 31 $900,470 $769,624 $2,356,459 $4,026,553 $4,641,198
Total Nonmajor
Governmental Funds
111
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112
NONMAJOR GOVERNMENTAL FUNDS
113
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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:
Police Forfeiture Fund (230) is used to account for revenue and expenditures
related to the forfeiture of property.
HRA Fund (301) was established to oversee the commercial and residential
redevelopment activities in the community.
115
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 20
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2023
With Comparative Totals For December 31, 2022
Police
Forfeiture Fund HRA Fund
2023 2022
Assets
Cash and investments $59,045 $856,785 $915,830 $809,757
Accounts receivable - net - 132 132 132
Property taxes receivable:
Delinquent - 1,383 1,383 2,674
Due from county - 818 818 1,086
Prepaid items - 671 671 319
Loans receivable - 665 665 2,205
Total assets $59,045 $860,454 $919,499 $816,173
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $2,500 $2,500 $ -
Due to other governments - 10,614 10,614 230
Salaries payable - 4,532 4,532 4,031
Total liabilities - 17,646 17,646 4,261
Deferred inflows of resources:
Unavailable revenue - 1,383 1,383 2,674
Fund balance:
Nonspendable - 671 671 319
Restricted 59,045 - 59,045 69,190
Committed - 840,754 840,754 739,729
Total fund balance 59,045 841,425 900,470 809,238
Total liabilities, deferred inflows of
resources, and fund balance $59,045 $860,454 $919,499 $816,173
Total Nonmajor Special Revenue Funds
116
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 21
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Police
Forfeiture Fund HRA Fund
2023 2022
Revenues:
General property taxes $ - $210,381 $210,381 $208,746
Fines and forfeits 9,276 - 9,276 44,531
Investment income (loss) 3,252 36,569 39,821 (12,851)
Refunds and reimbursements - 45 45 101
Total revenues 12,528 246,995 259,523 240,527
Expenditures:
Current:
Public safety 11,353 - 11,353 12,712
Housing and redevelopment - 145,618 145,618 156,938
Capital outlay 11,320 - 11,320 -
Total expenditures 22,673 145,618 168,291 169,650
Revenues over (under) expenditures (10,145) 101,377 91,232 70,877
Other financing sources (uses):
Sale of city property - - - 511,991
Net change in fund balance (10,145) 101,377 91,232 582,868
Fund balance - January 1 69,190 740,048 809,238 226,370
Fund balance - December 31 $59,045 $841,425 $900,470 $809,238
Total Nonmajor Special Revenue Funds
117
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118
NONMAJOR DEBT SERVICE FUNDS
The City's Debt Service Funds are used to account for the accumulation of
resources for, and payment of, interest, principal and related costs of long-term
debt other than proprietary fund debt. The City of St. Anthony, Minnesota had
the following nonmajor Debt Service Funds during the year.
Public Facilities Revenue Bonds (311) accounts for debt service for the public
works building and fire station.
Tax Abatement Fund (502) was established to account for debt service payments
associated with the improvements to City parks.
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.
119
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 22
NONMAJOR DEBT SERVICE FUNDS
December 31, 2023
With Comparative Totals For December 31, 2022
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
HRA TIF Debt
Service
2023 2022
Assets
Cash and investments $391,003 $188,193 $5,706 $177,483 $4,831 $767,216 $857,490
Property taxes receivable:
Delinquent 656 217 - 199 - 1,072 4,957
Due from county 1,565 334 - 509 - 2,408 1,801
Total assets $393,224 $188,744 $5,706 $178,191 $4,831 $770,696 $864,248
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $ - $ - $ - $1,825
Due to other governments - - - - - - 472
Total liabilities - - - - - - 2,297
Deferred inflows of resources:
Unavailable revenue 656 217 - 199 - 1,072 4,957
Fund balance:
Restricted 392,568 188,527 5,706 177,992 4,831 769,624 856,994
Total liabilities, deferred inflows
of resources, and fund balance $393,224 $188,744 $5,706 $178,191 $4,831 $770,696 $864,248
Total Nonmajor Debt Service
Funds
120
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 23
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Equipment
Certificates
Fund
HSIP Tax
Abatement
HRA TIF Debt
Service
2023 2022
Revenues:
General property taxes $325,183 $68,428 $ - $105,898 $ - $499,509 $496,867
Investment income (loss)7,646 6,796 287 5,047 274 20,050 (12,863)
Total revenues 332,829 75,224 287 110,945 274 519,559 484,004
Expenditures:
Debt service:
Principal 385,000 110,000 55,000 90,000 495,000 1,135,000 1,095,000
Interest 13,320 8,700 8,325 6,500 134,413 171,258 197,761
Paying agent fees - 377 352 727 1,454 2,910 2,863
Total expenditures 398,320 119,077 63,677 97,227 630,867 1,309,168 1,295,624
Revenues over (under) expenditures (65,491) (43,853) (63,390) 13,718 (630,593) (789,609) (811,620)
Other financing sources (uses):
Transfers in 7,500 - 63,325 - 631,414 702,239 635,863
Net change in fund balance (57,991) (43,853)(65) 13,718 821 (87,370) (175,757)
Fund balance - January 1 450,559 232,380 5,771 164,274 4,010 856,994 1,032,751
Fund balance - December 31 $392,568 $188,527 $5,706 $177,992 $4,831 $769,624 $856,994
Total Nonmajor Debt Service
Funds
121
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122
NONMAJOR CAPITAL PROJECT FUNDS
The City’s Capital Project Funds account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
Proprietary Funds). The City of St. Anthony, Minnesota had the following
Capital Project Funds during the year:
Infrastructure Improvement Fund (509) was established to provide funding for
street improvement projects.
Park Improvement Fund (501) accounts for the revenues and expenditures
associated with the renovations and refurbishing of the City’s park system.
Capital Equipment Fund (401) is used by all City Departments and accounts for
the annual purchases of capital equipment.
Building Improvement Fund (510) was established to provide funding for existing
City owned building improvements and renovations.
123
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 24
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2023
With Comparative Totals For December 31, 2022
Infrastructure Park Capital Building
Improvement Improvement Equipment Improvement
Fund Fund Fund Fund
2023 2022
Assets
Cash and investments $973,899 $406,627 $633,709 $737,204 $2,751,439 $3,142,071
Accounts receivable - net - - - - - 35,366
Property taxes receivable:
Delinquent 737 (6) 532 154 1,417 3,980
Due from county 407 47 1,620 446 2,520 1,671
Prepaid items - - - - - 1,100
Special assessment receivable 10,717 - - - 10,717 3,174
Total assets $985,760 $406,668 $635,861 $737,804 $2,766,093 $3,187,362
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $173,959 $26,616 $200,575 $7,124
Due to other governmental units 26 - - - 26 265
Interfund loan payable 5,620 191,279 - - 196,899 197,854
Total liabilities 5,646 191,279 173,959 26,616 397,500 205,243
Deferred inflows of resources:
Unavailable revenue 11,454 (6) 532 154 12,134 7,153
Fund balance:
Nonspendable - - - - - 1,100
Assigned 968,660 215,395 461,370 711,034 2,356,459 2,973,866
Total fund balance 968,660 215,395 461,370 711,034 2,356,459 2,974,966
Total liabilities, deferred inflows
of resources, and fund balance $985,760 $406,668 $635,861 $737,804 $2,766,093 $3,187,362
Capital Project Funds
Total Nonmajor
124
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 25
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Infrastructure Park Capital Building
Improvement Improvement Equipment Improvement
Fund Fund Fund Fund
2023 2022
Revenues:
General property taxes $70,125 $10,009 $338,954 $93,225 $512,313 $461,914
Special assessments 1,763 - - - 1,763 1,846
Intergovernmental - - 494,614 - 494,614 -
Investment income (loss)49,850 21,286 22,493 31,453 125,082 (51,615)
Contributions and donations - 40,844 10,000 - 50,844 12
Refunds and reimbursements - - - - - 1,950
Total revenues 121,738 72,139 866,061 124,678 1,184,616 414,107
Expenditures:
Current:
General government - - 38,434 42,778 81,212 -
Public safety - - 131,489 - 131,489 -
Public works 43,949 - 5,506 - 49,455 50,123
Parks and recereation - 11,856 1,731 - 13,587 13,336
Capital outlay - 165,203 1,398,273 53,231 1,616,707 970,860
Debt service:
Interest 591 4,665 - - 5,256 5,438
Total expenditures 44,540 181,724 1,575,433 96,009 1,897,706 1,039,757
Revenues over (under) expenditures 77,198 (109,585) (709,372) 28,669 (713,090) (625,650)
Other financing sources (uses):
Sale of capital assets - - 38,516 - 38,516 96,506
Transfers in 2,892 60,000 90,000 120,000 272,892 1,235,442
Transfers out (146,000) - (63,325) (7,500) (216,825) (109,721)
Total other financing sources (uses) (143,108) 60,000 65,191 112,500 94,583 1,222,227
Net change in fund balance (65,910) (49,585) (644,181) 141,169 (618,507) 596,577
Fund balance - January 1 1,034,570 264,980 1,105,551 569,865 2,974,966 2,378,389
Fund balance - December 31 $968,660 $215,395 $461,370 $711,034 $2,356,459 $2,974,966
Total Nonmajor
Capital Project Funds
125
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, 2023
With Comparative Totals For December 31, 2022
Variance with
Final Budget
Positive 2022
Original Final Actual (Negative) Actual
Revenues:
Forfeiture and confiscation $10,000 $10,000 $9,276 ($724) $44,531
Investment income 50 50 3,252 3,202 (1,713)
Total revenues 10,050 10,050 12,528 2,478 42,818
Expenditures:
Public safety:
Current:
Supplies 13,050 13,050 6,353 6,697 8,712
Other services and charges 5,000 5,000 5,000 - 4,000
Capital outlay - - 11,320 (11,320) -
Total expenditures 18,050 18,050 22,673 (4,623)12,712
Revenues over (under) expenditures ($8,000) ($8,000) (10,145) $7,101 30,106
Fund balance - January 1 69,190 39,084
Fund balance - December 31 $59,045 $69,190
2023
Budgeted Amounts
126
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 27
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2023
With Comparative Totals For December 31, 2022
Variance with
Final Budget
Positive 2022
Original Final Actual (Negative) Actual
Revenues:
General property taxes $209,414 $209,414 $210,381 $967 $208,746
Refunds and reimbursements 500 500 45 (455) 101
Investment income 500 500 36,569 36,069 (11,138)
Total revenues 210,414 210,414 246,995 36,581 197,709
Expenditures:
Housing and redevelopment:
Current:
Personal services 127,087 127,087 120,101 6,986 115,681
Contractual services 71,650 71,650 25,517 46,133 41,257
Total expenditures 198,737 198,737 145,618 53,119 156,938
Revenues over expenditures 11,677 11,677 101,377 (16,538) 40,771
Other financing sources (uses):
Sale of city property - - - - 511,991
Net change in fund balance $11,677 $11,677 101,377 ($16,538) 552,762
Fund balance - January 1 740,048 187,286
Fund balance - December 31 $841,425 $740,048
2023
Budgeted Amounts
127
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128
SUPPLEMENTARY FINANCIAL INFORMATION
129
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
STREET IMPROVEMENT DEBT SERVICE FUND
December 31, 2023
With Comparative Totals For December 31, 2022
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 $ - $160,056 $207,638 $103,609 $141,400 $240,941 $147,394
Property taxes receivable:
Delinquent - 369 359 162 241 231 228
Due from county - 508 1,029 519 472 514 371
Special assessments receivable - - 11,603 6,706 20,886 97,960 52,375
Total assets $ - $160,933 $220,629 $110,996 $162,999 $339,646 $200,368
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $75 $ - $ - $ - $ -
Due to other governments - - - - - - -
Deposits payable - - - - - - -
Total liabilities - - 75 - - - -
Deferred inflows of resources:
Unavailable revenue - 369 11,962 6,869 21,127 98,191 52,603
Fund balance:
Restricted - 160,564 208,592 104,127 141,872 241,455 147,765
Total liabilities, deferred inflows of
resources, and fund balance (deficit)$ - $160,933 $220,629 $110,996 $162,999 $339,646 $200,368
130
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
2022 Street
Improvement
Bond Fund
2023 2022
$168,819 $290,206 $213,435 $266,241 $388,660 $85,738 $445,324 $468,931 $244,441 $3,572,833 $3,534,742
268 291 172 86 291 140 369 88 (183)3,112 18,112
728 696 383 909 667 391 860 757 890 9,694 8,622
66,378 107,318 24,292 135,906 182,967 - 184,546 256,019 228,530 1,375,486 1,606,663
$236,193 $398,511 $238,282 $403,142 $572,585 $86,269 $631,099 $725,795 $473,678 $4,961,125 $5,168,139
$ - $ - $ - $ - $ - $ - $2,147 $ - $ - $2,222 $8,411
- - - - - - - - - - 1,003
- 8,848 - - - - - - - 8,848 7,681
- 8,848 - - - - 2,147 - - 11,070 17,095
66,646 107,609 24,463 135,992 183,257 140 184,916 256,107 228,347 1,378,598 1,624,775
169,547 282,054 213,819 267,150 389,328 86,129 444,036 469,688 245,331 3,571,457 3,526,269
$236,193 $398,511 $238,282 $403,142 $572,585 $86,269 $631,099 $725,795 $473,678 $4,961,125 $5,168,139
Street Improvement Debt Service
Fund
131
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, 2023
With Comparative Totals For December 31, 2022
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
Revenues:
General property taxes $707 $103,497 $182,011 $108,650 $97,474 $106,662 $76,196
Special assessments 172 - 12,513 3,462 11,246 22,584 12,988
Investment income (loss)95 2,037 3,588 1,162 3,407 7,456 4,261
Total revenues 974 105,534 198,112 113,274 112,127 136,702 93,445
Expenditures:
Public works:
Professional service 3 - 252 252 302 335 297
Debt service:
Principal 170,000 155,000 180,000 95,000 105,000 150,000 105,000
Interest 1,870 7,125 13,800 13,900 20,700 22,588 14,450
Paying agent fees 477 - 125 150 150 250 225
Total expenditures 172,350 162,125 194,177 109,302 126,152 173,173 119,972
Revenues over (under) expenditures (171,376) (56,591)3,935 3,972 (14,025) (36,471) (26,527)
Other financing sources (uses):
Bonds issued - - - - - - -
Transfers in - 51,000 - 5,000 - - -
Transfers out (2,892) - - - - - -
Total other financing sources (uses)(2,892) 51,000 - 5,000 - - -
Net change in fund balance (174,268) (5,591)3,935 8,972 (14,025) (36,471) (26,527)
Fund balance - January 1 174,268 166,155 204,657 95,155 155,897 277,926 174,292
Fund balance - December 31 $0 $160,564 $208,592 $104,127 $141,872 $241,455 $147,765
132
Exhibit 2
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
2022 Street
Improvement
Bond Fund
2023 2022
$151,855 $144,682 $79,538 $192,736 $138,378 $81,630 $178,744 $158,687 $192,827 $1,994,274 $1,967,927
15,926 33,556 4,134 29,371 29,740 - 22,164 40,244 53,216 291,316 301,212
2,898 8,566 7,663 6,216 13,927 1,781 15,139 5,869 - 84,065 (52,739)
170,679 186,804 91,335 228,323 182,045 83,411 216,047 204,800 246,043 2,369,655 2,216,400
325 1,522 727 322 727 427 767 239 155 6,652 3,263
135,000 170,000 95,000 160,000 155,000 65,000 175,000 150,000 - 2,065,000 2,075,000
33,870 38,613 21,388 57,450 70,175 32,900 67,475 35,010 86,473 537,787 519,068
475 475 - 125 - - - 250 475 3,177 5,615
169,670 210,610 117,115 217,897 225,902 98,327 243,242 185,499 87,103 2,612,616 2,602,946
1,009 (23,806) (25,780) 10,426 (43,857) (14,916) (27,195) 19,301 158,940 (242,961) (386,546)
- - - - - - - - - - 49,849
- - - - - - - 235,041 - 291,041 375,066
- - - - - - - - - (2,892) (533,917)
- - - - - - - 235,041 - 288,149 (109,002)
1,009 (23,806) (25,780) 10,426 (43,857) (14,916) (27,195) 254,342 158,940 45,188 (495,548)
168,538 305,860 239,599 256,724 433,185 101,045 471,231 215,346 86,391 3,526,269 4,021,817
$169,547 $282,054 $213,819 $267,150 $389,328 $86,129 $444,036 $469,688 $245,331 $3,571,457 $3,526,269
Street Improvement Debt Service
Fund
133
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 3
HRA TIF IMPROVEMENTS FUND
December 31, 2023
With Comparative Totals For December 31, 2022
Chandler Apache Apache Lowry
Place (Walmart) (Cub Foods) Grove Eliminations
2023 2022
Assets
Cash and investments $230,616 $4,197,410 $472,975 $12,994 $ - $4,913,995 $5,067,037
Property taxes receivable:
Delinquent - 10,876 - - - 10,876 8,060
Due from county - 22,245 - 4,473 - 26,718 1,265
Prepaid expenses - 554 - - - 554 552
Due from other governmental units - 11,800 - - - 11,800 -
Interfund loan receivable 646,850 - 722,566 - (1,369,416) - -
Land held for resale - 409,188 - - - 409,188 378,008
Total assets $877,466 $4,652,073 $1,195,541 $17,467 ($1,369,416) $5,373,131 $5,454,922
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $550,568 $ - $140 $ - $550,708 $2,046,127
Due to other governments - 3,292 - - - 3,292 2,826
Deposits payable - 70,757 - - - 70,757 70,758
Interfund loans payable - 2,328,742 - - (1,369,416) 959,326 959,326
Total liabilities - 2,953,359 - 140 (1,369,416) 1,584,083 3,079,037
Deferred inflows of resources:
Unavailable revenue - 10,876 - - - 10,876 8,060
Fund balance:
Nonspendable - 554 - - - 554 552
Restricted 877,466 1,687,284 1,195,541 17,327 - 3,777,618 2,367,273
Total fund balance 877,466 1,687,838 1,195,541 17,327 - 3,778,172 2,367,825
Total liabilities, deferred inflows of
resources, and fund balance $877,466 $4,652,073 $1,195,541 $17,467 ($1,369,416) $5,373,131 $5,454,922
Improvements Total
HRA TIF
Tax Increment Financing Districts
134
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, 2023
With Comparative Totals For December 31, 2022
Chandler Apache Apache Lowry
Place (Walmart) (Cub Foods) Grove
2023 2022
Revenues:
Tax increment collections $ - $3,052,398 $ - $36,731 $3,089,129 $2,273,952
Investment income (loss) 35,810 137,162 50,233 - 223,205 (31,356)
Refunds and reimbursements - - - - - 2,320
Total revenues 35,810 3,189,560 50,233 36,731 3,312,334 2,244,916
Expenditures:
General government - 27,588 - 133 27,721 27,916
Housing and redevelopment 3,957 - 3,958 2,801 10,716 201,842
Debt service:
Interest - 93,150 - - 93,150 93,150
Construction/acquisition costs - - - - - 409
Developer incentives - 1,107,516 - 16,470 1,123,986 1,046,435
Total expenditures 3,957 1,228,254 3,958 19,404 1,255,573 1,369,752
Revenues over expenditures 31,853 1,961,306 46,275 17,327 2,056,761 875,164
Other financing sources (uses):
Transfers out (3,000) (637,414) (6,000) - (646,414) (639,213)
Net change in fund balance 28,853 1,323,892 40,275 17,327 1,410,347 235,951
Fund balance - January 1 848,613 363,946 1,155,266 - 2,367,825 2,131,874
Fund balance - December 31 $877,466 $1,687,838 $1,195,541 $17,327 $3,778,172 $2,367,825
Improvements Total
HRA TIF
Tax Increment Financing Districts
135
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 5
STREET IMPROVEMENT PROJECT FUND
December 31, 2023
With Comparative Totals For December 31, 2022
2021 Street
Improvement
Project Fund
2022 Street
Improvement
Project Fund
2024 Street
Improvement
Project Fund
2023 2022
Assets
Cash and investments $ - $279,081 ($76,125) $202,956 $587,960
Due from other governmental units - - - - 55,466
Special assessments receivable - 36,610 - 36,610 56,789
Total assets $ - $315,691 ($76,125) $239,566 $700,215
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $386 $22,841 $23,227 $572
Contracts payable - 25,397 - 25,397 118,341
Total liabilities - 25,783 22,841 48,624 118,913
Deferred inflows of resources:
Unavailable revenue - 36,610 - 36,610 56,789
Fund balance (deficit):
Restricted - 113,111 - 113,111 282,711
Assigned - 140,187 - 140,187 241,802
Unassigned - - (98,966) (98,966) -
Total fund balance (deficit) - 253,298 (98,966) 154,332 524,513
Total liabilities and fund balance $0 $315,691 ($76,125) $239,566 $700,215
Total Street Improvement Project Fund
136
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, 2023
With Comparative Totals For December 31, 2022
2021 Street
Improvement
Project Fund
2022 Street
Improvement
Project Fund
2024 Street
Improvement
Project Fund
2023 2022
Revenues:
Intergovernmental $ - $ - $ - $ - $30,466
Special assessments - 20,179 - 20,179 151,880
Investment income (loss) 9,895 22,118 - 32,013 (10,410)
Miscellaneous - - - - 13,027
Total revenues 9,895 42,297 - 52,192 184,963
Expenditures:
Debt service:
Issuance costs - - - - 78,957
Construction/acquisition costs 738 87,628 98,966 187,332 2,063,463
Total expenditures 738 87,628 98,966 187,332 2,142,420
Revenues over (under) expenditures 9,157 (45,331) (98,966) (135,140) (1,957,457)
Other financing sources (uses):
Bonds issued - - - - 2,335,151
Premium on bonds issued - - - - 15,093
Transfers in - - - - 170,223
Transfers out (235,041) - - (235,041) (280,125)
Total other financing sources (uses) (235,041) - - (235,041) 2,240,342
Net change in fund balance (225,884) (45,331) (98,966) (370,181) 282,885
Fund balance - January 1 225,884 298,629 - 524,513 241,628
Fund balance - December 31 $ - $253,298 ($98,966) $154,332 $524,513
Total Street Improvement Project Fund
137
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 7
HRA TIF DEBT SERVICE FUND
December 31, 2023
With Comparative Totals For December 31, 2022
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2023 2022
Assets
Cash and investments $2,293 $2,538 $4,831 $4,960
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $950
Fund balance:
Restricted 2,293 2,538 4,831 4,010
Total liabilities and fund balance $2,293 $2,538 $4,831 $4,960
HRA TIF Debt Service Fund Totals
138
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, 2023
With Comparative Totals For December 31, 2022
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
2023 2022
Revenues $132 $142 $274 ($334)
Expenditures:
Debt service:
Principal 270,000 225,000 495,000 475,000
Interest 67,613 66,800 134,413 146,213
Paying agent fees 727 727 1,454 1,295
Total expenditures 338,340 292,527 630,867 622,508
Revenues over (under) expenditures (338,208) (292,385) (630,593) (622,842)
Other financing sources (uses):
Transfers in 338,613 292,801 631,414 624,213
Net change in fund balance 405 416 821 1,371
Fund balance - January 1 1,888 2,122 4,010 2,639
Fund balance - December 31 $2,293 $2,538 $4,831 $4,010
HRA TIF Debt Service Fund Totals
139
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, 2023
With Comparative Totals For December 31, 2022
Water/Water Plant Sewer 2023 2022
Operating revenues:
Charges for services $1,513,076 $1,440,378 $2,953,454 $2,678,069
Total operating revenues 1,513,076 1,440,378 2,953,454 2,678,069
Operating expenses:
Personal services 627,075 336,911 963,986 950,052
Supplies 151,400 12,541 163,941 144,265
Contracted services and other 125,852 63,223 189,075 210,714
Treatment charges (MCES)-760,026 760,026 711,020
Utilities/insurance/other 202,254 32,462 234,716 229,621
Total operating expenses,
excluding depreciation 1,106,581 1,205,163 2,311,744 2,245,672
Depreciation 598,332 90,120 688,452 650,240
Total operating expenses 1,771,113 1,229,083 3,000,196 2,895,912
Operating income (loss)($258,037) $211,295 (46,742) (217,843)
Nonoperating revenues (expenses):
Investment income 124,189 (51,770)
Interest expense 928 (2,300)
Miscellaneous income 5,796 22,482
Total nonoperating revenues (expenses)130,913 (31,588)
Income (loss) before capital contributions and transfers 84,171 (249,431)
Capital contributions 1,044,885 845,081
Change in net position 1,129,056 595,650
Net position - January 1 18,033,349 17,437,699
Net position - December 31 $19,162,405 $18,033,349
Operations
Totals
140
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.
141
CITY OF ST. ANTHONY, MINNESOTA
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
Governmental activities:
Net invested in capital assets $14,953,582 $10,604,121 $10,024,670 $10,274,946
Restricted for:
Debt service 5,717,140 6,147,172 6,282,913 6,537,390
Redevelopment activity - 12,411 - -
Pensions - - 197,073 219,561
Public safety 23,471 19,283 25,634 23,865
Unrestricted (9,513,189) (10,391,885) 1,689,042 (5,330,379)
Total governmental
activities net position $11,181,004 $6,391,102 $18,219,332 $11,725,383
Business-type activities:
Net invested in capital assets $6,036,192 $12,143,158 $14,011,168 $22,151,578
Unrestricted 5,570,360 5,649,685 3,171,781 3,529,653
Total business-type
activities net position $11,606,552 $17,792,843 $17,182,949 $25,681,231
Primary government:
Net invested in capital assets $20,989,774 $22,747,279 $24,035,838 $32,426,524
Restricted for:
Debt service 5,717,140 6,147,172 6,282,913 6,537,390
Redevelopment activity - 12,411 - -
Pensions - - 197,073 219,561
Public safety 23,471 19,283 25,634 23,865
Unrestricted (3,942,829) (4,742,200) 4,860,823 (1,800,726)
Total primary government
net position $22,787,556 $24,183,945 $35,402,281 $37,406,614
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
142
Table 1
2018 2019 2020 2021 2022 2023
$10,422,047 $9,746,635 $10,349,363 $10,068,970 $10,898,178 $11,876,010
7,097,594 6,339,750 6,406,488 6,255,605 5,612,586 5,446,428
- - - - - 113,111
200,075 177,502 247,024 360,702 421,414 397,881
31,141 39,505 46,912 39,084 69,190 460,546
(5,776,551)(4,223,098)(776,593)2,413,816 3,037,144 4,228,339
$11,974,306 $12,080,294 $16,273,194 $19,138,177 $20,038,512 $22,522,315
$23,179,624 $24,525,702 $23,721,266 $24,563,962 $24,834,573 $25,313,018
3,483,257 3,569,879 4,072,013 4,738,737 5,136,864 6,083,552
$26,662,881 $28,095,581 $27,793,279 $29,302,699 $29,971,437 $31,396,570
$33,601,671 $34,272,337 $34,070,629 $34,632,932 $35,732,751 $37,189,028
7,097,594 6,339,750 6,406,488 6,255,605 5,612,586 5,446,428
- - - - - 113,111
200,075 177,502 247,024 360,702 421,414 397,881
31,141 39,505 46,912 39,084 69,190 460,546
(2,293,294)(653,219)3,295,420 7,152,553 8,174,008 10,311,891
$38,637,187 $40,175,875 $44,066,473 $48,440,876 $50,009,949 $53,918,885
Fiscal Year
143
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
Expenses
Governmental activities:
General government $1,116,100 $1,342,360 $1,319,451 $1,337,698
Public safety 4,644,185 4,757,637 7,053,595 6,018,470
Public works 2,711,291 2,741,411 4,134,783 2,988,291
Parks and recreation 608,966 592,892 472,436 472,700
Services to other cities - - - -
Nondepartmental - - - -
Housing and redevelopment 575,738 596,444 793,834 787,775
Interest on long-term debt 1,044,635 845,856 794,584 738,914
Total governmental
activities expenses 10,700,915 10,876,600 14,568,683 12,343,848
Business-type activities:
Liquor 5,879,240 5,728,876 5,676,892 5,591,683
Water 845,396 869,446 1,083,240 1,176,102
Water Filtration and Purification 239,074 185,964 - -
Sewer 1,069,876 1,051,261 1,048,937 1,144,273
Stormwater - - 191,655 244,135
Total business-type
activities expenses 8,033,586 7,835,547 8,000,724 8,156,193
Total primary
government expenses $18,734,501 $18,712,147 $22,569,407 $20,500,041
Program revenues
Governmental activities:
Charges for services:
Services to other cities $ - $ - $ - $ -
Other activities 2,374,306 2,414,912 2,212,526 2,281,654
Operating grants and contributions 499,538 499,126 10,969,360 630,316
Capital grants and contributions 1,070,975 1,367,745 1,643,911 1,604,844
Total governmental
activities program revenues 3,944,819 4,281,783 14,825,797 4,516,814
Business-type activities:
Charges for services:
Liquor 6,078,039 5,893,916 5,822,783 5,714,000
Water 879,007 900,412 925,577 969,638
Water filtration and purification - 45,655 - -
Sewer 921,242 953,568 1,012,979 1,122,738
Stormwater - - 192,748 197,242
Operating grants and contributions - - 130,932 -
Capital grants and contributions - - 1,166,747 569,716
Total business-type
activities program revenues 7,878,288 7,793,551 9,251,766 8,573,334
Total primary government
program revenues $11,823,107 $12,075,334 $24,077,563 $13,090,148
Fiscal Year
144
Table 2
Page 1 of 2
2018 2019 2020 2021 2022 2023
$1,234,274 $1,587,360 $1,374,449 $1,349,129 $1,380,846 $1,558,834
4,886,105 4,789,232 5,125,951 4,840,277 5,853,162 6,591,967
3,005,637 2,960,916 2,915,895 2,947,640 3,135,972 2,897,194
488,132 536,095 438,126 646,257 546,537 530,990
- - - - - -
- - - - 45,609 88,013
1,189,659 975,246 1,276,274 1,217,386 1,412,758 1,284,871
795,625 803,042 680,448 695,343 697,886 637,825
11,599,432 11,651,891 11,811,143 11,696,032 13,072,770 13,589,694
5,617,377 5,903,275 6,605,500 6,765,260 6,601,179 6,728,047
1,573,857 1,617,354 1,554,879 1,377,483 1,632,017 1,783,913
- - - - - -
1,243,591 1,253,102 1,202,141 1,240,813 1,305,957 1,237,453
249,911 308,786 367,578 337,796 419,510 599,043
8,684,736 9,082,517 9,730,098 9,721,352 9,958,663 10,348,456
$20,284,168 $20,734,408 $21,541,241 $21,417,384 $23,031,433 $23,938,150
$ - $ - $ - $ - $ - $ -
1,602,792 1,847,264 1,722,036 3,041,161 1,981,023 2,190,191
560,924 494,389 1,211,012 741,397 610,856 926,803
817,077 633,142 1,862,319 624,283 633,832 75,165
2,980,793 2,974,795 4,795,367 4,406,841 3,225,711 3,192,159
5,867,452 6,160,868 7,025,468 7,260,590 7,041,690 7,065,954
1,010,722 999,082 1,133,458 1,311,611 1,362,580 1,513,076
- - - - - -
1,162,167 1,211,209 1,224,881 1,314,285 1,337,971 1,440,378
201,729 206,700 211,360 212,308 219,668 229,089
- - - - - -
126,991 - - - - -
8,369,061 8,577,859 9,595,167 10,098,794 9,961,909 10,248,497
$11,349,854 $11,552,654 $14,390,534 $14,505,635 $13,187,620 $13,440,656
Fiscal Year
145
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2014 2015 2016 2017
Net (expense) revenue:
Governmental activities ($6,756,096) ($6,594,817)$257,114 ($7,827,034)
Business-type activities (155,298)(41,996)1,251,042 417,141
Total primary government
net (expense) revenue (6,911,394)(6,636,813)1,508,156 (7,409,893)
General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes $6,030,558 $5,893,900 $6,160,156 $6,577,570
Tax increment collections 1,131,896 1,121,627 1,455,090 1,530,093
Grants and contributions 461,964 516,015 530,110 535,422
Unrestricted investment earnings 189,441 146,023 254,396 234,572
Other 104,113 172,913 1,207,375 407,269
Gain on sale of capital assets 33,204 7,653 7,151 34,775
Transfers (17,982)(6,053,216)1,956,838 (7,986,616)
Total governmental activities 7,933,194 1,804,915 11,571,116 1,333,085
Business-type activities:
Unrestricted investment earnings 111,512 86,407 31,097 21,812
Grants and contributions - - - -
Other 61,444 88,664 64,805 72,713
Transfers 17,982 6,053,216 (1,956,838)7,986,616
Total business-type activities 190,938 6,228,287 (1,860,936)8,081,141
Total primary government $8,124,132 $8,033,202 $9,710,180 $9,414,226
Change in net position:
Governmental activities $1,177,098 ($4,789,902)$11,828,230 ($6,493,949)
Business-type activities 35,640 6,186,291 (609,894)8,498,282
Total primary government $1,212,738 $1,396,389 $11,218,336 $2,004,333
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
146
Table 2
Page 2 of 2
2018 2019 2020 2021 2022 2023
($8,618,639)($8,677,096)($7,015,776)($7,289,191)($9,847,059)($10,397,535)
(315,675)(504,658)(134,931)377,442 3,246 (99,959)
(8,934,314)(9,181,754)(7,150,707)(6,911,749)(9,843,813)(10,497,494)
$7,128,703 $7,477,523 $7,946,178 $8,083,595 $8,462,357 $8,835,497
1,870,589 2,060,375 2,077,137 2,470,757 2,272,455 3,091,945
559,437 561,062 613,302 640,386 1,002,881 1,147,322
286,519 492,834 318,653 47,420 (295,627)896,704
225,774 15,468 40,768 49,285 55,291 13,284
48,529 - - - 38,516
(1,251,989)(1,824,178)212,638 (1,137,269)(749,963)(1,141,930)
8,867,562 8,783,084 11,208,676 10,154,174 10,747,394 12,881,338
32,771 83,886 45,267 (11,911)(85,871)198,617
- - - - - 158,891
12,565 29,294 - 6,620 1,400 25,654
1,251,989 1,824,178 (212,638)1,137,269 749,963 1,141,930
1,297,325 1,937,358 (167,371)1,131,978 665,492 1,525,092
$10,164,887 $10,720,442 $11,041,305 $11,286,152 $11,412,886 $14,406,430
$248,923 $105,988 $4,192,900 $2,864,983 $900,335 $2,483,803
981,650 1,432,700 (302,302)1,509,420 668,738 1,425,133
$1,230,573 $1,538,688 $3,890,598 $4,374,403 $1,569,073 $3,908,936
Fiscal Year
147
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2014 2015 2016 2017
General Fund:
Nonspendable $91,136 $107,412 $115,482 $119,651
Restricted - - - -
Unassigned 2,384,345 2,338,600 2,204,185 2,280,463
Total general fund $2,475,481 $2,446,012 $2,319,667 $2,400,114
All other governmental funds:
Nonspendable $1,631 $2,157 $57,188 $15,339
Restricted 7,627,714 6,491,789 6,907,253 7,002,918
Committed 78,180 94,107 105,503 125,069
Assigned 1,318,583 578,258 13,148,229 6,568,756
Unassigned (2,407,745) (2,062,163) (1,693,729) (1,452,918)
Total all other
governmental funds $6,618,363 $5,104,148 $18,524,444 $12,259,164
Fiscal Year
148
Table 3
2018 2019 2020 2021 2022 2023
$126,304 $101,105 $159,782 $146,580 $164,687 $195,110
- - - - - 401,501
2,381,460 2,489,685 3,238,208 3,730,206 3,840,170 4,460,649
$2,507,764 $2,590,790 $3,397,990 $3,876,786 $4,004,857 $5,057,260
$97,687 $1,451 $2,969 $35,953 $4,650 $4,309
7,466,883 7,176,386 7,955,365 7,396,858 7,102,437 8,290,855
124,355 102,948 201,822 337,173 895,109 1,010,290
5,374,785 5,502,668 6,513,862 6,632,453 6,715,192 6,061,683
(1,409,874) (892,137) (524,166) - - (98,966)
$11,653,836 $11,891,316 $14,149,852 $14,402,437 $14,717,388 $15,268,171
Fiscal Year
149
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2014 2015 2016 2017
Revenues:
General property taxes $6,053,119 $5,897,070 $6,161,036 $6,633,308
Tax increment collections 1,117,824 1,106,582 1,476,275 1,541,874
Licenses, fees and permits 351,102 296,465 304,079 358,230
Intergovernmental 1,464,479 1,644,481 2,283,016 1,925,460
Special assessments 491,988 621,931 570,549 589,332
Charges for services 1,787,611 1,879,520 1,701,246 1,732,288
Cable franchise fees 109,009 108,104 113,672 115,079
Fines and forfeits 126,584 130,823 93,529 76,057
Investment income 189,216 145,447 252,830 233,668
Contributions and donations 45,640 15,903 4,120 102,340
Miscellaneous 104,113 172,913 11,637,694 407,269
Total revenues 11,840,685 12,019,239 24,598,046 13,714,905
Expenditures:
Current:
General government 926,501 948,089 1,066,236 1,119,746
Public safety 4,357,563 4,352,048 5,164,270 5,346,521
Public works 1,001,378 1,043,791 1,051,747 1,034,427
Parks and recreation 463,057 446,684 409,979 406,748
Services to other cities - - - -
Nondepartmental 59,265 40,139 38,421 45,095
Housing and redevelopment 143,863 119,294 156,312 132,437
Capital outlay 386,652 398,844 431,511
Debt service:
Principal retirement 7,785,000 3,750,000 2,620,000 5,815,000
Interest 1,139,216 1,020,262 820,607 846,526
Paying agent fees 7,853 10,386 14,793 5,760
Professional service 17,104 16,971 16,339 6,677
Issuance costs 185,800 142,682 80,294 104,887
Construction/acquisition costs 2,959,264 3,750,269 4,867,870 9,908,037
Developer incentives 431,875 475,886 627,639 649,910
Total expenditures 19,902,361 16,503,153 17,333,351 25,853,282
Revenues over (under) expenditures (8,061,676) (4,483,914) 7,264,695 (12,138,377)
Other financing sources (uses):
Bonds issued 2,070,000 2,580,000 2,900,000 3,120,000
Refunding bonds issued 4,970,000 4,310,000 - 2,190,000
Redemption of refunded bonds - - - -
Payment to refunded bond escrow agent - (4,332,935) - -
Premium on debt issued 158,044 188,693 69,485 302,540
Sale of capital assets 13,390 25,860 15,186 28,244
Transfers in 1,908,166 2,069,259 4,003,953 312,760
Transfers out (1,514,667) (1,900,647) (959,368) -
Total other financing
sources(uses) 7,604,933 2,940,230 6,029,256 5,953,544
Net change in fund balance ($456,743) ($1,543,684) $13,293,951 ($6,184,833)
Debt service as a percentage of
noncapital expenditures 54.2% 36.5% 25.7% 41.5%
Debt service as percentage of total expenditures
44.8% 28.9% 19.8% 25.8%
Fiscal Year
150
Table 4
2018 2019 2020 2021 2022 2023
$7,107,947 $7,484,962 $7,932,488 $8,089,661 $8,438,461 $8,894,855
1,861,251 2,093,697 2,076,472 2,474,570 2,273,952 3,089,129
295,955 268,565 318,232 1,116,447 530,924 687,640
1,136,456 1,595,355 3,181,190 1,066,555 1,471,972 2,025,247
658,532 463,256 377,937 520,805 460,873 319,248
1,097,940 1,153,385 1,186,119 1,679,720 1,221,419 1,294,910
101,612 97,200 95,517 103,768 96,099 89,882
85,538 96,292 87,539 120,694 118,558 110,989
284,452 485,833 313,955 48,456 (288,249) 880,336
16,046 1,550 1,050 263,635 6,174 51,844
217,071 253,239 75,397 69,817 69,314 20,054
12,862,800 13,993,334 15,645,896 15,554,128 14,399,497 17,464,134
1,048,214 1,327,603 1,225,447 1,188,512 1,226,942 1,408,047
4,861,358 4,698,695 5,169,275 5,437,381 5,312,282 5,906,255
1,208,232 1,071,071 944,755 878,009 971,898 1,032,238
431,091 474,430 403,034 635,920 516,460 503,657
- - -
61,262 78,233 28,475 33,949 45,609 88,013
160,255 169,010 499,439 250,492 358,780 156,334
1,037,417 165,581 533,874 778,766 1,669,930 1,668,764
2,895,000 4,910,000 2,900,000 3,155,000 3,170,000 3,200,000
887,798 897,980 842,600 858,152 815,417 807,451
29,308 11,822 10,995 6,655 9,773 6,087
2,823 - - - - -
42,563 71,382 72,756 86,180 77,662 -
2,720,619 1,970,296 2,485,227 2,943,077 2,063,945 187,332
1,029,217 804,391 782,009 975,485 1,046,435 1,123,986
16,415,157 16,650,494 15,897,886 17,227,578 17,285,133 16,088,164
(3,552,357) (2,657,160) (251,990) (1,673,450) (2,885,636) 1,375,970
2,610,000 1,145,000 3,000,000 2,085,000 2,385,000 -
- 1,335,000 - 885,000 - -
- - - - - -
- - - (885,000) - -
92,831 225,916 154,026 137,040 15,093 -
64,754 23,050 - 19,091 608,497 38,516
287,094 335,000 250,000 250,000 436,903 1,722,122
- (86,300) (86,300) (86,300) (116,835) (1,533,422)
3,054,679 2,977,666 3,317,726 2,404,831 3,328,658 227,216
($497,678) $320,506 $3,065,736 $731,381 $443,022 $1,603,186
29.8% 0.0% 29.1% 29.7% 29.4% 28.2%
23.0% 34.9% 23.5% 5.0% 4.8% 5.1%
Fiscal Year
151
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 Capacily * Value Rate Value of EMV
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 (708,105) 9,940,474 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%
2022 11,254,876 2,336,244 153,142 13,744,262 (1,311,643) 12,432,619 63.22% 1,230,732,700 1.12%
2023 12,566,717 2,478,695 163,618 15,209,030 (1,539,918) 13,669,112 63.73% 1,361,448,600 1.12%
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* Includes tax increment tax capacity and net fiscal disparities impact.
152
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
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%
2022 63.22%28.81%8.68%34.54%135.25%
2023 63.73%27.77%8.29%34.54%134.33%
Source: 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*
153
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS Table 7
Current Year and Ten Years Ago
Percentage of
Total City
Capacity Value Percentage
Tax Tax of Total City
Capacity Capacity Capacity
Taxpayer Value Rank Value Rank Value
St. Anthony Leased Housing Assoc. I $755,350 1 5.50% 311,073 2 3.63%
L/L Equinox Associates LLC 420,164 2 3.06% 178,030 5 2.08%
Inland Silver Lake Village LLC 420,074 3 3.06% 720,064 1 8.29%
Autumn Woods Partners LP 306,875 4 2.23% 185,275 4 2.16%
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% 75,799 9 -
St. Anthony Shopping Center 136,250 9 0.99% 99,690 7 1.11%
Chandler Place LP 133,659 10 0.97% 101,446 6 1.18%
St. Anthony Nursing Home LP - - 78,364 8 0.91%
Xcel Energy - - 194,886 3 2.27%
Highcrest Manor LP - - 52,395 10 0.61%
Total $2,901,393 21.11% $1,997,022 22.24%
Total All Property $13,744,262 $8,573,245
Source: Official Statements for the City of St. Anthony
Note: 2022 information was not updated to 2023, source unavailable for 2023
20132023
154
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
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%27,498 6,001,747 99.19%
2017 6,450,785 6,400,683 99.22%7,264 6,407,947 99.34%
2018 6,850,011 6,801,704 99.29%3,875 6,805,579 99.35%
2019 7,311,453 7,226,085 98.83%15,655 7,241,740 99.05%
2020 7,609,458 7,611,336 100.02%19,959 7,631,295 100.29%
2021 7,865,595 7,836,798 99.63%(12,146) 7,824,652 99.48%
2022 8,243,092 8,161,743 99.01%15,555 8,177,298 99.20%
2023 8,687,425 8,684,218 99.96%
Sources: St. Anthony Finance Department
Fiscal Year of the Levy
Collected Within The
Total Collections to Date
Not Available
155
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
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
2022 18,995,000 315,000 4,870,000 780,000 - 1,740,000 26,700,000
2023 17,095,000 160,000 4,375,000 395,000 - 1,475,000 23,500,000
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 and Personal Income Data.
* See Table 5 for Adjusted Tax Capacity data
Governmental Activities
156
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*
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
310.70% 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 5.78%3,044
214.76% 300,000 300,000 125 27,000,000 5.21%2,980
171.92% 155,000 155,000 65 23,655,000 Not Available
Business-Type Activities
157
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158
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Table 10
As of December 31, 2023
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282 $26,525,000 89.8794% $23,840,511
Counties:
Hennepin 1,065,595,000 0.3847% 4,099,344
Ramsey 138,095,000 0.4880%673,904
Other:
Metropolitan Council 166,860,000 0.2442%407,472
Three Rivers Park District 51,320,000 0.5499%282,226
Subtotal - overlapping debt 29,303,457
City direct debt (2)26,700,000
Total direct and overlapping debt $56,003,457
Sources: (1) Official Statements for City of St. Anthony Note: source unavailable for 2023, reused 2022 figures
(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.
159
CITY OF ST. ANTHONY, MINNESOTA
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
Market value
Debt limit percentage
Debt limit
Debt applicable to limit:
General obligation bonds
Legal debt margin
2014 2015 2016 2017
Debt limit $20,226,682 $21,500,127 $24,651,217 $26,027,076
Total net debt applicable to limit 4,031,063 3,615,981 3,176,798 3,244,392
Legal debt margin $16,195,619 $17,884,147 $21,474,419 $22,782,684
Total net debt applicable to the limit as a
percentage of debt limit 19.93% 16.82% 12.89% 12.47%
Source: Market Value - Hennepin County and Ramsey County, Minnesota Assessor's Offices
Legal Debt Margin Calculation for Fiscal Year 2023
160
Table 11
$1,361,380,000
3%
40,841,400
3,780,000
$37,061,400
2018 2019 2020 2021 2022 2023
$27,507,354 $30,710,616 $32,845,230 $35,282,829 $36,815,133 $40,841,400
2,804,561 3,640,000 6,095,000 5,460,000 4,645,000 3,780,000
$24,702,793 $27,070,616 $26,750,230 $29,822,829 $32,170,133 $37,061,400
10.20% 11.85% 18.56% 15.47% 12.62% 9.26%
Legal Debt Margin Calculation for Fiscal Year 2023
161
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
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 - - - - - -
2022 - - - - - -
2023 - - - - - -
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
162
Table 12
Page 1 of 2
Utility Less Net
Service Operating Available
Charges Expenses Revenue Principal Interest Coverage
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%
2,678,069 2,245,672 432,397 140,000 7,400 293%
2,953,455 2,311,744 641,367 145,000 4,550 429%
Water and Sewer Revenue Bonds
Debt Service
163
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
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 2,205,000 540,465 21% 1,476,275 415,000 156,058 259%
589,332 5,430,000 557,511 10% 1,541,873 385,000 190,038 268%
658,532 2,490,000 607,109 21% 1,861,251 405,000 182,238 317%
463,256 4,490,000 629,069 9% 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%
460,873 2,545,000 559,476 15% 2,273,952 475,000 146,213 366%
321,491 2,650,000 536,038 10% 3,089,129 495,000 134,413 491%
Debt Service
Improvement Bonds
Debt Service
Tax Increment Bonds
164
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)
2013 8,516 326,729,114 38,367 4.70%
2014 8,965 322,264,855 35,947 3.90%
2015 9,234 333,684,413 36,136 3.40%
2016 9,277 338,053,880 36,440 3.30%
2017 9,200 362,710,000 39,425 3.10%
2018 9,067 380,152,109 41,927 2.60%
2019 9,020 372,002,840 41,242 2.80%
2020 9,257 428,136,250 46,250 6.60%
2021 9,175 475,576,950 51,834 3.80%
2022 9,060 512,460,780 56,563 2.40%
2023 Not Available 2.60%
Sources:
(1) Metropolitan Council Estimates for St. Anthony
(2) Personal Income calculated from Per Capita Personal Income and Population.
(3) Minnesota Department of Employment and Economic Development -
Annual Average Unemployment Rate for Hennepin County
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166
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) 261 1 300 1
Cub Foods 250 2 250 2
St. Anthony Health Center/Chandler Place 230 3 200 4
City of St Anthony 108 4 132 5
B & F Fastener Supply 100 5 100 6
St. Charles Borromeo Parish 50 6 57 7
Happy's Potato Chip Company 50 7 56 8
Culvers 43 8 43 10
Marshall Manufactruing 40 9
Village Pub 35 10
Wal-Mart 250 3
Applebees 45 9
Total 1,167 1,433
20132023
167
CITY OF ST. ANTHONY, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2014 2015 2016 2017
General government:
Administration 2.00 2.00 2.50 2.60
Finance 4.25 4.50 4.00 4.00
Police:
Officers 23.00 23.00 23.00 20.00
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 6.00
Market Place - part-time 6.00 4.50 4.50 4.50
Silver Lake Village - part-time 6.00 4.50 4.00 4.00
Total 87.75 85.00 85.00 82.60
Source: City of St. Anthony
Full-Time Equivalent Employees as of December 31, 2022
168
Table 15
2018 2019 2020 2021 2022 2023
2.60 2.60 2.85 3.10 3.10 3.10
4.00 4.00 4.00 4.50 5.00 5.00
20.00 20.00 20.00 20.00 20.00 20.00
2.00 2.00 2.00 2.00 2.00 2.00
1.00 1.00 1.00 1.00 1.00 1.00
12.00 12.00 12.00 12.00 12.00 12.00
7.00 7.00 7.00 7.00 7.00 7.00
3.00 3.00 3.00 3.00 3.00 3.00
2.00 2.00 2.00 2.00 2.00 2.00
6.00 6.00 6.00 6.00 6.00 6.00
3.00 3.00 3.00 3.00 3.00 3.00
2.00 2.00 2.00 2.00 2.00 2.00
1.00 1.00 1.00 1.00 1.00 1.00
2.00 2.00 2.00 2.00 2.00 2.00
6.00 6.00 6.00 6.00 6.00 6.00
4.65 4.65 4.65 4.65 4.65 4.65
4.25 4.25 4.25 4.25 4.25 4.25
82.50 82.50 82.75 83.50 84.00 84.00
Full-Time Equivalent Employees as of December 31, 2022
169
CITY OF ST. ANTHONY, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2014 2015 2016 2017
Police: *
Moving violations 2,017 2,213 1,488 846
Non-moving violations 321 197 192 65
DWI arrests 39 23 15 21
Traffic arrests 633 661 469 249
Gross and misdemeanor arrests 130 77 50 63
Felony arrests 53 44 51 20
Warrant arrests 25 24 13 20
Fire:
Emergency responses 1,363 1,425 1,534 1,621
Medical responses 1,012 1,062 1,113 1,166
Fires 26 26 14 17
Inspections 256 238 173 216
Building inspection:
Permits issued 288 533 342 292
Other public works:
Street reconstruction/resurfacing (miles) 0.5 1.5 0.5 0.6
Potholes filled (tons) 34 66 23 18
Water:
New connections 28 7 1 29
Water mains breaks 8427
Average daily consumption (thousands of gallons) 763 770 715 731
Peak daily consumption (thousands of gallons) 1,635 1,571 1,153 1,453
* Police statistics are for St Anthony only
Source: City of St. Anthony
Fiscal Year
170
Table 16
2018 2019 2020 2021 2022 2023
1,376 1,944 2,233 1,740 2,061 2,507
394 376 177 246 398 491
39 30 31 29 26 39
292 371 412 305 393 381
86 108 126 154 163 160
59 36 25 30 38 41
22 41 43 40 31 50
1,521 1,538 1,553 1,661 1,668 1,812
1,116 1,140 1,155 1,182 1,149 1,280
16 17 12 23 29 36
210 247 68 204 195 144
261 255 310 322 307 371
0.5 1.2 0.3 1.6 1.3 -
64 53 65 17 100 69
30 32816 4
8 6 346 3
759 702 740 811 777 804
1,764 1,642 1,490 1,750 1,634 1,992
Fiscal Year
171
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program 2014 2015 2016 2017
Police:
Stations 1111
Fleet units 14 14 14 13
Fire stations 1111
Fleet units 8888
Other public works:
City Streets (miles) 24.7 24.7 24.7 24.7
Sidewalks (miles) 11.1 11.1 11.4 12.3
Parks and recreation:
Acreage 40 40 40 40
Playgrounds 4444
Baseball/softball diamonds 7777
Soccer/football fields 2222
Community centers 1111
Skate Park 1111
Splash pads 2222
Tennis courts 2222
Seasonal ice rinks 3333
Liquor operations:
On/off sale locations 2222
Water:
Water mains (miles) 24.7 24.7 24.7 24.7
Fire hydrants 287 287 288 288
Storage capacity (thousands of gallons) 2,250 2,250 2,250 2,250
Wells 3333
Wastewater:
Sanitary sewers (miles) 24.7 24.7 24.7 24.7
Lift stations 2222
Stormwater
Stormwater reuse 1111
Stormwater treatment systems 1222
Stormwater retention ponds 6666
Storm sewers (miles) 15.0 15.0 15.0 15.0
Source: City of St. Anthony
Fiscal Year
172
Table 17
2018 2019 2020 2021 2022 2023
111111
13 13 13 13 13 13
111111
888888
24.7 24.7 24.7 24.7 24.7 24.7
12.3 12.6 12.6 18.3 18.3 18.3
40 40 40 40 40 40
444444
777777
222222
111111
111111
222222
222222
333333
222222
24.7 24.7 24.7 32.0 32.0 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
173
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174