06 July 2023 Arden Hills Notes - Laserfiche WebLink

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Special Revenue Funds Special Revenue Funds are used to account for revenues derived from specific taxes or other ear- marked revenue sources. They are required by statute to finance par- ticular functions, activities, or governments. The City of Arden Hills has the following recurring Special Revenue Funds: • Cable TV accounts for revenue and expenditures related to ca- ble TV, internet and other forms of communication. Revenue for this fund comes primarily from cable owner franchise fees. • EDA Operations accounts for general administration activities that are not specific to any indi- vidual Tax Increment Financing (TIF) District, as well as activi- ties associated with the Eco- nomic Development Commission and Economic Development Au- thority. • EDA TIF Districts account for revenues derived from tax in- crements and expenditures for developer reimbursements and administrative expenses. The City had three districts at the end of 2022. The City also established an American Rescue Plan Act Fund to administer the ARPA funds and a Karth Lake Improvement District Fund to manage a pump replace- ment project. These are short- term funds. access to a broad and diverse metropolitan statistical area. • Very strong management, with strong financial polices and practices. • Very strong budgetary perfor- mance and liquidity. • Very strong debt and contin- gent liability position. • Strong institutional frame- work. Arden Hills received a “AAA” rat- ing from Standard and Poor’s Global on its 2018 bond issue. This is the highest possible rat- ing you can receive. A high bond rating translates into lower fu- ture borrowing costs. It shows that the City is able to meet its financial commitments and has the lowest risk of default. This rating is based on the City’s: • Very Strong economy, with Long Term Debt City of Arden Hills Popular Annual Financial Report Page 8 The goal of the PAFR is to sup- plement—not replace—the An- nual Report. Similar to the Annual Report, information in the PAFR con- forms to Generally Accepted Ac- counting Principles (GAAP). For more detailed information and copies of the PAFR or Annual Report, visit the city’s website at www.cityofardenhills.org. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City maintains internal ser- vice funds for risk manage- ment, engineering, central garage and technology. The combined totals for these funds are: Internal Service Funds Beginning Net Position $164,953 Revenues $526,679 Expenses $513,453 Ending Net Position $178,179