HomeMy WebLinkAbout05.18.26
CITY OF ST. JOSEPH
www.cityofstjoseph.com
“A safe and welcoming community valuing open communication and civic trust while
maintaining the enduring spirit of small-town life.”
75 Callaway Street East | Saint Joseph, Minnesota 56374
Email: cityoffices@cityofstjoseph.com | Phone: 320.363.7201 | Fax 320.363.0342
St. Joseph City Council
May 18, 2026
6:00 PM
Join Zoom Meeting
https://us06web.zoom.us/j/85934223635?pwd=RMIMCTMUqxytpabmBOo1mPCNn1zvdh.1
Meeting ID: 859 3422 3635 Passcode: 638989
1. 6:00 PM Call to order - Pledge of Allegiance
2. Public Comments Up to 3 speakers will be allowed for up to 3 minutes each to address the
council with questions/concerns/comments (regarding an item NOT on the agenda). No
Council response or action will be given/taken other than possible referral to Administration.
3. Approve Agenda
4. Consent Agenda
a. Minutes – Requested Action: Approve the minutes of May 4, 2026.
b. Bills Payable
c. Donations – Requested Action: Approve Resolution 2026-028 accepting donations.
d. Financial Reports
e. Street Event Request, Rock 4 Alzheimer’s – Requested Action: Approve Special Event
f. Planning Commission Appointment - Requested Action: Approve the appointment of
Craig Hern to the Planning Commission.
5. Public Hearing – Special Event Request for Rocktoberfest
6. Special Event Request – White Peony
7. 2025 Audit Presentation
8. Department Reports
9. Mayor and Council Reports/Updates
10. Adjourn
May 4, 2026
Page 1 of 1
Pursuant to due call and notice thereof, the City Council for the City of St. Joseph met in regular session on
Monday, May 4, 2026, at 6:00PM in the St. Joseph Government Center.
Members Present: Mayor Adam Scepaniak, Councilmembers Andrew Mooney, Kelly Beniek, Adam Schnettler,
Kevin Kluesner
City Representatives Present: City Administrator David Murphy, Finance Director Lori Bartlett, Police Chief
Dwight Pfannenstein, City Engineer Randy Sabart, Community Development Director Nate Keller, City Clerk
Kayla Klein
Public Comments: None
Approve Agenda: Beniek moved to approve the agenda; seconded by Mooney and passed unanimously.
Consent Agenda: Scepaniak moved to approve the consent agenda; seconded by Beniek and passed
unanimously.
a. Minutes – Requested Action: Approve the minutes of April 20, 2026.
b. Bills Payable – Requested Action: Approve Check Numbers 63590-63612, Payroll & Account
Payable EFT #4041-4061; ACH Accounts Payable #2401089-#2401111; Regular Pay Period 9.
c. Street Closure Request, St. Joseph Lions Parade – Requested Action: Approve the street
closure request for the St. Joseph Lions on July 4, 2026, as presented.
d. First Quarter Financial Reports – Requested Action: Approve the 2026 first quarter financial
reports as presented.
e. Police Department Office Remodel – Requested Action: Approve the quote from Winter
Construction to install windows in Police Department Office Space.
f. Appointment of Recreation Coordinator – Requested Action: Approve hire of Abigayle Peters as
the Recreation Coordinator at Grade 4, Step 6 of the City’s Wage Scale effective May 5, 2026.
Set 2026 Visioning/Strategic Planning Session: Murphy updated the Council that the visioning/strategic
planning session will be on June 17th at St. Bens.
Extended Bid Date for the 2026 Street & Utility Improvements: Murphy reported that the bid opening was
planned for May 5th; however, it will now be pushed to May 21st in order to allow for the benefit analysis report
to come in.
Kluesner expressed frustration with the timeline of the project and that the bidding of the project is being
completed earlier.
Sabart responded that the city will need to look at revamping the city’s entire 429 process, potentially
accelerating it by six months in order to bid the project earlier in the year.
Scepaniak moved to approve Resolution 2026-027 Extending Bid Date for 2026 Street & Utility
Improvements; seconded by Beniek and passed unanimously.
Department Reports: Keller reported that Joetown Apartments Phase 2 has begun moving dirt and it will be 40
units and will be the final phase of that project.
Wensmann reported that hydrant flushing will take place May 11-13th and May 18-20th.
Pfannenstein informed the council that one of the department’s squad cars was totaled in an accident.
Murphy welcomed the new Recreation Coordinator Abigayle Peters to the team.
Mayor and Council Reports/Updates: Kluesner reported that the Arbor Task Force was out at Millstream and
Centennial park marking ash trees. The ATF will be holding a public seminar on June 3rd at city hall for
residents to learn more about Emerald Ash Borer.
Adjourn: Kluesner made a motion to adjourn the meeting at 6:13 PM; seconded by Schnettler and
passed unanimously.
Kayla Klein
City Clerk
STAFF MEMO
Prepared by:
Debbie Kulzer, Finance Tech
Meeting Date:
5/18/26
☒Consent Agenda Item
☐Regular Agenda Item
Agenda Item #
Reviewed by: Item:
Council Priority: ☐ Dispensary ☐ Industrial Park Expansion ☐ Housing
☐Public Safety Facility/Safe Crossing of CSAH 75 ☐ N/A
ACTION REQUESTED
Approve the bills payable as presented.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION
None
PREVIOUS COUNCIL ACTION
See below
REFERENCE AND BACKGROUND
The council approved staff to make the following payments through the payroll contracts,
regular monthly invoices with due dates prior to the next scheduled council meeting, or actions
taken at previous council meetings. The information here is to provide you with all checks and
electronic payments made for verification of the disbursement completeness.
BUDGET IMPACT
Bills Payable – Checks Mailed Prior to Council Approval
Regular Payroll 10 $74,915.22
Payroll & Accounts Payable EFT #4062 - #4075 $154,932.09
ACH Accounts Payable #2401112 - #2401134 $33,111.27
Check Numbers #63613 - #63627 $109,026.05
Total $371,984.63
Bills Payable – Checks Awaiting Council Approval
Check Numbers - #63628 - #63633 $6,629.22
Total $6,629.22
Total Budget/Fiscal Impact: $378,613.85
Various Funds
STAFF RECOMMENDED ACTION
Approve the bills payable as presented.
SUPPORTING DATA/ATTACHMENTS
Bill listing by EFT, paid prior to council approval and awaiting to be paid upon council approval.
4b
Bills payable
GL Check Check Vendor Invoice Invoice Check
Period Issue Date Number Number Payee Number GL Account Amount
26-May 5/13/2026 ACH PAYROLL REG PP 10 VARIOUS 74,915.22$ 74,915.22$
26-May 5/1/2026 4062 106468 AMERICAN FUNDS PR0424261 101-21705 200.00$
26-May 5/1/2026 4063 1224 EFTPS PR0424261 101-21701 24,383.23$
26-May 5/1/2026 4064 897 MN DEPARTMENT OF REVENUE PR0424261 101-21702 5,418.75$
26-May 5/1/2026 4065 63 PERA PR0424261 101-21704 22,713.23$
26-May 5/1/2026 4066 106189 VOYA FINANCIAL PR0424261 101-21705 2,900.00$
26-Apr 4/30/2026 4067 108126 WEX 0002350543-IN 101-41430-300 24.75$
26-Apr 4/30/2026 4068 108294 MAGNIFI DEBIT CARD APRIL 2026 -DEBIT 101-45202-230 165.59$
26-May 5/12/2026 4069 106514 DELTA DENTAL CNS0002137207 101-21709 2,829.21$
26-May 5/12/2026 4070 107068 MEDICA MAY 26 STMT 101-21706 51,193.14$
26-May 5/12/2026 4071 1349 NCPERS GROUP LIFE INSURANCE 73500052026 101-21711 73.00$
26-May 5/12/2026 4072 106189 VOYA FINANCIAL PR0410261 101-21715 32,362.43$
26-May 5/12/2026 4073 108269 FORTE PAYMENTS INC 0015563800, 00155640152 101-41430-300 294.92$ 154,932.09$
26-May 5/12/2026 4074 106563 PAYMENT SERVICE NETWORK 324928, 324946 101-41530-300 407.80$
26-May 5/12/2026 4075 100136 XCEL ENERGY 976039037 652-43160-386 11,966.04$
26-Apr 4/30/2026 2401112 108310 ACME TOOLS 16100242 602-49450-210 29.25$
26-Apr 4/30/2026 2401112 108310 ACME TOOLS 16132352 602-49450-210 (71.50)$
26-Apr 4/30/2026 2401112 108310 ACME TOOLS 16177218 601-49440-210 141.12$
26-Apr 4/30/2026 2401113 102871 C & L EXCAVATING INC 20261047 101-45202-220 825.00$
26-Apr 4/30/2026 2401114 108444 CASELLE LLC INV-18443 109-41430-582 1,200.00$
26-Apr 4/30/2026 2401114 108444 CASELLE LLC INV-18444 101-41530-310 200.00$
26-Apr 4/30/2026 2401115 107807 CENTRAL MOTORCAR SPECIALTIES 21896 101-45202-230 2,808.30$
26-Apr 4/30/2026 2401116 102901 CORE & MAIN LP V000032452 601-49430-220 75.81$
26-Apr 4/30/2026 2401116 102901 CORE & MAIN LP V000032698 601-49430-220 1,472.46$
26-Apr 4/30/2026 2401116 102901 CORE & MAIN LP V000033194 601-49430-220 353.32$
26-Apr 4/30/2026 2401116 102901 CORE & MAIN LP V000033213 101-45202-210 444.34$
26-Apr 4/30/2026 2401117 106455 EVOQUA WATER TECHNOLOGIES LLC 907542462 602-49480-210 13,971.49$
26-Apr 4/30/2026 2401118 108394 FACTORY MOTOR PARTS 1-11630280 101-42152-230 75.00$
26-Apr 4/30/2026 2401118 108394 FACTORY MOTOR PARTS 124-309042 101-42152-230 34.61$
26-Apr 4/30/2026 2401118 108394 FACTORY MOTOR PARTS 124-309288 101-43120-230 20.94$
26-Apr 4/30/2026 2401118 108394 FACTORY MOTOR PARTS 124-309575 101-42152-230 22.81$
26-Apr 4/30/2026 2401118 108394 FACTORY MOTOR PARTS 124-309664 101-42152-230 138.80$
26-Apr 4/30/2026 2401119 342 FASTENAL COMPANY MNST1230027 101-43201-210 139.77$
26-Apr 4/30/2026 2401119 342 FASTENAL COMPANY MNST1230407 101-43201-210 20.00$
26-Apr 4/30/2026 2401119 342 FASTENAL COMPANY MNST1230507 101-43201-210 281.42$
26-Apr 4/30/2026 2401120 266 FLEXIBLE PIPE TOOL COMPANY INC 32652 602-49450-230 163.50$
26-Apr 4/30/2026 2401121 529 GOODIN COMPANY 5540969-00 101-45202-220 13.63$
26-Apr 4/30/2026 2401122 108441 INTERSTATE ALL BATTERY CENTER 1.9223E+12 601-49440-230 209.95$
26-Apr 4/30/2026 2401123 146 MIDWAY IRON AND METAL INC 631984 101-43201-210 167.56$
26-Apr 4/30/2026 2401124 1616 MVTL LABORATORIES INC 1353914 602-49480-312 213.50$ 33,111.27$
26-Apr 4/30/2026 2401125 105529 NELSON SANITATION & RENTAL INC INV/2026/3929 101-45202-300 127.14$
26-Apr 4/30/2026 2401125 105529 NELSON SANITATION & RENTAL INC INV/2026/3930 101-45202-300 82.14$
26-Apr 4/30/2026 2401126 106764 O REILLY AUTO PARTS 5771-413674 101-42152-230 16.13$
26-Apr 4/30/2026 2401126 106764 O REILLY AUTO PARTS 5771-413675 101-45202-230 10.58$
26-Apr 4/30/2026 2401126 106764 O REILLY AUTO PARTS 5771-414177 101-45202-230 43.59$
26-Apr 4/30/2026 2401127 106444 OPG-3 INC 9606 651-49490-310 3,420.00$
26-Apr 4/30/2026 2401128 104478 POISSANT, ERIC 2026 BOOTS 602-49450-171 79.99$
26-Apr 4/30/2026 2401129 134 SECURITY LOCK TECHNOLOGIES INV-001092 101-43201-210 947.00$
26-Apr 4/30/2026 2401130 108505 SITEONE LANDSCAPE SUPPLY LLC 165020160-001 101-45125-580 2,718.94$
26-Apr 4/30/2026 2401131 109 TENVOORDE FORD INC.5202158 101-42152-230 155.52$
26-Apr 4/30/2026 2401132 307 TRAUT COMPANIES 387594 601-49420-312 120.00$
26-Apr 4/30/2026 2401133 6 USA TODAY CO - LOCALIQ 0007631040 101-41430-340 79.16$
26-Apr 4/30/2026 2401134 107953 WEISMAN CLEANING INC 7980 210-42280-300 2,360.00$
26-Apr 4/30/2026 63613 160 CITY OF ST. CLOUD AR037300 602-49480-419 74,421.71$
26-Apr 4/30/2026 63614 105961 FINKEN INC 1543346 101-41942-410 399.50$
26-Apr 4/30/2026 63615 108506 GRACEVIEW ESTATES HOMEOWNERS ASSOCIATION REFUND 03.26.26 210-42210-34782 200.00$
26-Apr 4/30/2026 63616 108496 LEGACY UPFITTERS INC 81431 101-43120-230 950.00$
26-Apr 4/30/2026 63617 102497 MARTIN MARIETTA MATERIALS, INC 48937479 101-43120-210 186.62$
26-Apr 4/30/2026 63618 179 MCFOA 2026 - MMMC APPLICATION 101-41430-446 125.00$
26-Apr 4/30/2026 63619 107581 ROCKY, TIM 01.12.26 101-45202-34782 200.00$
26-Apr 4/30/2026 63620 107650 TRI COUNTY HUMANE SOCIETY 202601 101-42120-300 25.00$
26-Apr 4/30/2026 63621 2022 UNUM LIFE INSURANCE APRIL 26 STMT 101-21713 2,120.63$ 109,026.05$
26-Apr 4/30/2026 63621 2022 UNUM LIFE INSURANCE May-26 101-21713 2,054.08$
26-May 5/7/2026 63622 104694 BADGER METER INC 802333284 601-49430-300 1,910.96$
26-May 5/7/2026 63623 160 CITY OF ST. CLOUD AR037343 101-45204-308 750.00$
26-May 5/7/2026 63624 108507 DIAMOND INDUSTRIAL CLEANING EQUIPMENT 28707 101-45202-210 49.95$
26-May 5/7/2026 63625 103423 STEARNS COUNTY AUDITOR-TREASUR 2026-00000059 101-41550-300 25,357.60$
26-May 5/7/2026 63626 108509 VILLARREAL, ESMERALDA REFUND 5/5/26 101-45202-34782 200.00$
26-May 5/13/2026 63627 103570 CITY OF ST. JOSEPH 05.12.26 CONCESSIONS 101-45204-213 75.00$
26-May 5/14/2026 63628 104893 COLD SPRING CO-OP APRIL 26 STMT 101-43120-220 54.99$
26-May 5/14/2026 63629 36 HAWKINS INC 7411071 601-49421-210 2,197.18$
26-May 5/14/2026 63629 36 HAWKINS INC 7411072 601-49420-210 575.80$
26-May 5/14/2026 63630 108511 HOMAN, THOMAS REFUND 05.06.26 101-45202-34782 200.00$ 6,629.22$
26-May 5/14/2026 63631 105921 MARCO INC 581233467 101-41430-300 555.41$
26-May 5/14/2026 63632 11 STEARNS ELECTRIC ASSOCIATION APRIL 26 STMT 652-43160-386 2,971.89$
26-May 5/14/2026 63633 107773 STERICYCLE INC 8014171056 101-42120-300 73.95$
Payroll
$74,915.22
Accounts Payable & Payroll EFT
$154,932.09
ACH Accounts Payable
$33,111.27
Check #'s
$109,026.05
Council Approval Checks
$6,629.22
$378,613.85
STAFF MEMO
Prepared by:
Lori Bartlett, Finance Director
Meeting Date:
5-18-26
☒Consent Agenda Item
☐Regular Agenda Item
Agenda Item #
Reviewed by: Item:
Donations and Contributions
Council Priority: ☐ Dispensary ☐ Industrial Park Expansion ☐ Housing
☐Public Safety Facility/Safe Crossing of CSAH 75 ☒ N/A
ACTION REQUESTED
Consider approval Resolution 2026-028 accepting donations as presented.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION
none
PREVIOUS COUNCIL ACTION
none
REFERENCE AND BACKGROUND
Minnesota Statute 465.03 requires that all gifts and donations of real or personal property be accepted
only with the adoption of a resolution approved by two-thirds of the members of the City Council. By
accepting the donations, the city is accepting the intent of the donations. The in-kind donations are
estimates.
Total Dog Park cash donations received through 4/30/26 = $7,239 + $1,149 for pavers and refreshments.
BUDGET IMPACT
$25,309.00
STAFF RECOMMENDED ACTION
Accept the donations as presented in Resolution 2026-028.
SUPPORTING DATA/ATTACHMENTS
Resolution 2026-028 Accepting Donations
4c
RESOLUTION 2026-028
RESOLUTION ACCEPTED DONATION(S)
WHEREAS, The City of St. Joseph is generally authorized to accepts gifts and bequests pursuant to
Minnesota Statutes Section 465.03 and Minnesota Statutes Section 471.17 for the benefit of its citizens;
and
WHEREAS, said Minnesota Statute 465.03 requires that all gifts and donations of real or personal
property be accepted only with the adoption of a resolution approved by two-thirds of the members of the
City Council; and
WHEREAS, the following person/persons and/or entity/entities has/have donated real and/or personal
property as follows:
DONOR METHOD PURPOSE AMOUNT
Anonymous Cash Archery Range $1.00
Anonymous Cash Dog Park $8.00
Norman and Judith Hansen Cash Police WRAP Program $300.00
St. Joseph Fire Relief Cash Fire Radio Replacement $25,000.00
WHEREAS, all such donations have been contributed to assist the various city departments and
programs as allowed by law; and
WHEREAS, the City Council finds that it is appropriate to accept the donations offered.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF ST. JOSEPH,
MINNESOTA, AS FOLLOWS:
1. The donations described above are accepted.
2. The Finance Department is hereby directed to issue receipts to each donor acknowledging the
city’s receipt of the donors’ donations.
ADOPTED by the City Council this 18th day of May, 2026.
CITY OF ST. JOSEPH
Adam Scepaniak, Mayor
ATTEST
David Murphy, City Administrator
STAFF MEMO
Prepared by:
Lori Bartlett
Meeting Date:
5-18-2026
☒Consent Agenda Item
☐Regular Agenda Item
Agenda Item #
Reviewed by: Item:
April Treasurer’s Report
Council Priority: ☐ Dispensary ☐ Industrial Park Expansion ☐ Housing
☐Public Safety Facility/Safe Crossing of CSAH 75 ☒ N/A
ACTION REQUESTED
Consider acceptance of the treasurer’s reports through April 2026.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION
none
PREVIOUS COUNCIL ACTION
Adopted 2026 budget on December 1, 2025.
REFERENCE AND BACKGROUND
Reversing audit entries have been posted. There are a few reversing entries for debt and capital assets
that need to be adjusted before the May reports. The activity presented represents 2026 activity.
Cash/investment presented as April 30, 2026. Budget to actual reports attached for Council review.
The cash and investment balance decreased $2,844,239 from the beginning of the year. The first half of
the year typically reflects a drawdown of cash balances, as property tax settlements and state aid
payments are not received until mid-year. There was a one-time cash disbursement in the amount of
$762,300 to pay the YMCA for the donations received on the community center project. In addition, the
portion of donations received directly at Sentry Bank were returned by the city. The city defeased the
2019A industrial park bonds with a disbursement of $940,698 into an escrow account.
Investment earnings average 3.69% interest rate with an average maturity of 25 months. Interest in
earnings for April equaled $69,260 on an ending cash balance of $24,122,067. The change in market
value increased $11,798. Recorded interest earnings as of April 30th total $110,075. The FOMC Board
kept the federal rates unchanged with the uncertainties of the Iran war, among other issues.
The General Fund spent 32% of the expenditure budget and received 7% of the revenue budget at the
end of April. While revenues and expenditures are operational in nature, there are a couple of items to
point out. Development fees picked up with the second Joetown Apts and Monastery permits. Room and
shelter fees are near budget as summer and holidays are nearly booked. There is a $57k in insurance
recovery. This is for the squad 709 accident. Audit services are billed intermittently until the audit is
completed. The final payment will be in late May/early June. There is a severance payment recorded.
This is for paid time off leave paid to an employee who resigned. Pickup #50 has been replaced per the
replacement schedule.
Enterprise funds spent 21% (less depreciation) and received 28% of the revenue budget. The revenue for
usage fees represents Jan through April usage. The water operating supplies is mainly for water meters
to complete the cellular meter conversion. There was a water main break at 7th and Baker St. Part of the
repair costs were paid by April 30th. A sewer pump was replaced in the Baker St lift station. An electrical
switch was added to the Northland lift station. Compost permits were on sale beginning in March. The
4d
city sold 219 permits by the end of April.
BUDGET IMPACT
Information only
STAFF RECOMMENDED ACTION
Accept the treasurer’s reports through April 2026.
SUPPORTING DATA/ATTACHMENTS
Financial Statements – Cash Allocation
Financial Statements – General Fund
Financial Statements - Enterprise Funds
CITY OF ST JOSEPH
COMBINED CASH INVESTMENT
APRIL 30, 2026
COMBINED CASH ACCOUNTS
001-10100GENERAL CHECKING24,123,817.13
TOTAL COMBINED CASH24,123,817.13
001-10199CASH ALLOCATED TO OTHER FUNDS( 24,123,817.13)
TOTAL UNALLOCATED CASH.00
CASH ALLOCATION RECONCILIATION
101ALLOCATION TO GENERAL FUND1,614,223.69
102ALLOCATION TO EMPLOYEE RETIREMENT RESERVE388,313.75
106ALLOCATION TO PUBLIC SAFETY AID75,009.00
108ALLOCATION TO CABLE PEG ACCESS FEE10,948.87
109ALLOCATION TO GENERAL CAPITAL OUTLAY557,614.83
110ALLOCATION TO DEBT SERVICE RELIEF925,220.19
200ALLOCATION TO ST CLOUD AREA LOCAL SALES TAX1,553,384.21
205ALLOCATION TO PARK DEDICATION FEES166,130.82
210ALLOCATION TO FIRE DEPARTMENT575,587.49
215ALLOCATION TO CHARITABLE GAMBLING294.32
220ALLOCATION TO CVB36,150.15
225ALLOCATION TO DEED CDAP HOUSING GRANTS61,407.74
250ALLOCATION TO EDA75,353.14
251ALLOCATION TO REVOLVING LOAN FUND688,367.98
253ALLOCATION TO TIF 4-1 FORTITUDE SENIOR APTS45,536.46
257ALLOCATION TO TIF 2-1 MILLSTREAM SHOPS LOFTS51,788.71
259ALLOCATION TO TIF 2-3 BAYOU BLUES ALLEY FLAT2,371.12
301ALLOCATION TO 2016 CIP BONDS \[GOVT CENTER\]24,240.89
302ALLOCATION TO 2022A GO ABATE BONDS\[COMMCTR1\]1,624,049.60
304ALLOCATION TO 2016 IMP BONDS \[FIELD ST\]160,223.61
307ALLOCATION TO 2019A IMP BONDS \[OVERLAYS\]146,568.97
308ALLOCATION TO 2019A IMP BONDS \[IND PARK\]341,566.59
310ALLOCATION TO 2020B IMP BONDS \[20TH AVE SE\]355,032.96
311ALLOCATION TO 2021 IMP BOND \[MN ST/OVERLAYS\]540,630.57
312ALLOCATION TO 2020B CIP BONDS \[SHOP 3\]4,069.68
314ALLOCATION TO 2020C CO REFUND \['14 PARK TER\]8,739.81
315ALLOCATION TO 2022 IMP BONDS \[OVERLAYS\]31,079.30
316ALLOCATION TO 2022A EQUIP CERT \[FD TRUCK\]16,960.32
317ALLOCATION TO 2023A IMP \[OVERLAY/ELM ST ROW\]111,640.77
318ALLOCATION TO 2023A EQUIP CERT \[GEN EQ\]18,888.56
319ALLOCATION TO 2024A GO IMP BONDS \[ST IMP\]533,251.02
320ALLOCATION TO 2025A GO IMP BONDS \[ST IMP\]163,258.47
321ALLOCATION TO 2025A EQUIP CERT \[GEN EQ\]2,088.41
322ALLOCATION TO FUND 322( 34.13)
402ALLOCATION TO COMMUNITY CENTER/YMCA PHASE I5,500,074.00
420ALLOCATION TO FUND 420441,421.49
421ALLOCATION TO 2025 EQUIP CERTIFICATES244,747.36
422ALLOCATION TO FUND 422( 132,300.30)
501ALLOCATION TO WAC/WATER TRUNK FEES605,591.14
502ALLOCATION TO SAC/SEWER TRUNK FEES364,545.01
601ALLOCATION TO WATER FUND1,085,528.95
602ALLOCATION TO SEWER FUND3,788,067.84
603ALLOCATION TO REFUSE/RECYCLING/COMPOST313,166.52
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 04:03PM PAGE: 1
CITY OF ST JOSEPH
COMBINED CASH INVESTMENT
APRIL 30, 2026
651ALLOCATION TO STORM WATER UTILITY848,686.69
652ALLOCATION TO STREET LIGHT UTILITY154,330.56
TOTAL ALLOCATIONS TO OTHER FUNDS24,123,817.13
ALLOCATION FROM COMBINED CASH FUND - 001-10199( 24,123,817.13)
ZERO PROOF IF ALLOCATIONS BALANCE.00
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 04:03PM PAGE: 2
City ofSt. Joseph
General Fund Balance Sheet Summary
AsofApril 30, 2026
Account NumberAccount Name4/30/2026
Assets
101-10199Cash$ 1,614,223.69
102-10199Cash 388,313.75
106-10199Cash 75,009.00
108-10199Cash 10,948.87
109-10199Cash 557,614.83
110-10199Cash 925,220.19
101-10200Petty Cash 200.00
101-10450Interest Receivable -
101-10500Accounts Receivable 20,530.00
108-10500Accounts Receivable -
101-10520State MSAS Receivable -
109-10500Accounts Receivable -
109-10550Due From other Gov tUnits -
102-10550DFOGU -
101-10550Due From Other Gov Units -
110-10550Due From other Gov t Units -
110-10600Prepaids -
101-10600Prepaid Items -
110-10700Taxes Receivable - Delinquent -
101-10700Taxes Receivable - Delinquent -
101-11800Lease Receivable -
110-12100Special Assessments Receivable -
101-12100Special Assessments Receivable -
110-12150Delinquent Special Assmt -
110-15500Due From Other Fund -
101-15500Due From Other Fund -
Total Assets$ 3,592,060.33
Liabilities
101-20200Accounts Payable (80,817.38)
102-20200Accounts Payables -
106-20200Accounts Payable -
104-20200ARPA Accounts Payable -
108-20200Accounts Payable -
109-20200Accounts Payable -
110-20200Accounts Payable -
101-20201Salaries Payable -
109-20202Due to Other Govt Units -
101-20202Due to Other Govt Units -
110-20400Contracts Payables -
110-20402Retainage Payable -
101-21701Federal Withholding -
101-21702State Withholding -
101-21703FICA Tax Withholding -
101-21704PERA (0.07)
101-21705Deferred Comp -
101-21706Medical/Dental Insurance (10,066.70)
101-21707Federation Dues (1,709.35)
101-21708MN Paid Leave 529.50
101-21709Vision Insurance 212.60
101-21711Life Insurance 46.55
101-21712Fire Dept Lunch Liability -
101-21713Disability Insurance 1,793.68
101-21714Child Support -
101-21715Flex- Medical/H SA (1,358.36)
101-21716Flex- Dependent Care Reimb (4,749.94)
101-22200Unearned Revenue -
110-22204Deferred Inflow of Resources -
101-22204Deferred Inflow of Resources -
101-22600Deposit Payable -
Total Liabilities (96,119.47)
Fund Equity
Funds 101-110Revenue Under Expenditures YTD 1,205,383.15
101-24410Design. Fd Bal - Working Cap -
101-24411Design. Fd Bal - Elections -
101-24413Design. Fd Bal - Capital -
110-24413Design. Fd Bal - Capital -
110-24414Design. Fd Bal -Debt Serv.Rel. -
101-24500Restricted Equity -
109-24413Design. Fd Bal - Capital -
109-25310Unassigned Fund Balance (662,759.47)
110-24500Restricted Net Position -
101-25310Unassigned Fund Balance (2,835,677.92)
102-25310Unassigned Fund Balance (415,939.77)
106-25310Unassigned Fund Balance (75,009.00)
108-25310Unassigned Fund Balance (10,178.26)
110-25310Unassigned Fund Balance (1,003,720.19)
Total Equity (3,797,901.46)
Total Liabilities plus Equity$ (3,894,020.93)
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETCURRENT BUDGETUNEARNEDPCNT
GENERAL FUND REVENUE
101-41430-31010CURRENT AD VALOREM TAXES.00.003,044,958.003,044,958.003,044,958.00.0
101-41430-31320STATE SALES TAX.002.80.00.00( 2.80).0
101-41430-34102ZONING VIOLATION.00.00250.00250.00250.00.0
101-41430-34103ZONING AND SUBDIVISION FEE4,755.0011,137.0015,750.0015,750.004,613.0070.7
101-41430-34104LAND USE DEPOSIT FEE6,000.001,227.80.00.00( 1,227.80).0
101-41430-34105SALE OF MAPS AND PUBLICATIONS114.001.50100.00100.0098.501.5
101-41430-34107ASSESSMENTS SEARCH1,310.001,330.005,000.005,000.003,670.0026.6
101-41430-34111SPECIAL HEARING.00.00150.00150.00150.00.0
101-41430-34221WATER TOWER ANTENNA LEASE853.34878.922,650.002,650.001,771.0833.2
101-41430-34404INTEREST CHARGES.0030.00.00.00( 30.00).0
101-41430-34780SHELTER/ROOM RENTAL FEES400.001,000.001,500.001,500.00500.0066.7
101-41430-34782ROOM RENTAL DAMAGE DEPOSIT.00400.00.00.00( 400.00).0
101-42120-34800ACCIDENT REPORT FEE603.751,127.753,500.003,500.002,372.2532.2
101-42120-34950KENNEL FEES.00.00225.00225.00225.00.0
101-42120-34955POLICE INVESTIGATION CHARGES.00.00525.00525.00525.00.0
101-42120-35101COUNTY FINES10,748.417,212.5538,000.0038,000.0030,787.4519.0
101-42120-35102POLICY FINES15,009.4014,656.0030,000.0030,000.0015,344.0048.9
101-42120-35106SEIZED PROPERTY234.75.002,500.002,500.002,500.00.0
101-42120-35107BOND-FORFEITED CARS.00( 50,364.00).00.0050,364.00.0
101-42120-35108POLICE CASE RECOVERY.004.55.00.00( 4.55).0
101-43120-32000REFUSE PERMITS10,600.0012,000.0010,600.0010,600.00( 1,400.00)113.2
101-43120-34407SNOW REMOVAL.00.00525.00525.00525.00.0
101-45125-34783SCHNEIDER FIELD RENTAL.00.003,000.003,000.003,000.00.0
101-45125-36230DONATIONS - SCHNEIDER FIELD.00.001,000.001,000.001,000.00.0
101-45202-34407WEED CUTTING.00.00315.00315.00315.00.0
101-45202-34780SHELTER/ROOM RENTAL FEES20,600.0019,400.0028,000.0028,000.008,600.0069.3
101-45202-34782PARK RENTAL DAMAGE DEPOSIT16,136.0015,400.00.00.00( 15,400.00).0
101-45204-34405CONCESSIONS.00.00525.00525.00525.00.0
101-45204-34408ADMISSION FEE5,880.008,640.007,350.007,350.00( 1,290.00)117.6
101-45204-36230DONATIONS - RECREATION250.00.00525.00525.00525.00.0
101-49302-39201TRANSFERS FROM OTHER FUNDS.0024,710.95.00.00( 24,710.95).0
101-49302-39305INSURANCE RECOVERY.0057,278.05.00.00( 57,278.05).0
102-49302-39201TRANSFERS FROM OTHER FUNDS11,205.009,440.009,440.009,440.00.00100.0
108-41950-31810FRANCHISE FEES - PEG1,098.94770.614,390.004,390.003,619.3917.6
109-41430-31010CURRENT AD VALOREM TAXES.00.00164,600.00164,600.00164,600.00.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 1
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL CAPITAL OUTLAY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETCURRENT BUDGETUNEARNEDPCNT
109-49302-39201TRANSFERS FROM OTHER FUNDS4,000.00.00.00.00.00.0
109-49302-39260SURPLUS PROPERTY5,766.907,481.005,000.005,000.00( 2,481.00)149.6
110-41430-33401LOCAL GOVERNMENT AID.00.0075,000.0075,000.0075,000.00.0
110-43120-31010CURRENT AD VALOREM TAXES277.55.00500.00500.00500.00.0
110-43120-36100SPECIAL ASSESSMENTS.00.006,000.006,000.006,000.00.0
TOTAL GENERAL FUND REVENUE115,843.04143,765.483,461,878.003,461,878.003,318,112.524.2
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 2
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
GENERAL FUND EXPENDITURES
101-41110-101COUNCIL SALARIES6,960.006,960.0020,880.0020,880.0013,920.0033.3
101-41110-104TAXABLE PER DIEM200.00350.002,800.002,800.002,450.0012.5
101-41110-120MN PAID LEAVE.0043.86140.00140.0096.1431.3
101-41110-121PERA CONTRIBUTIONS174.00174.00590.00590.00416.0029.5
101-41110-122FICA CONTRIBUTIONS332.02343.50735.00735.00391.5046.7
101-41110-125MEDICARE CONTRIBUTIONS.00.00345.00345.00345.00.0
101-41110-151WORKERS COMP. INSUR. PREM..00.0035.0035.0035.00.0
101-41110-171CLOTHING ALLOWANCE.00.00200.00200.00200.00.0
101-41110-200OFFICE SUPPLIES64.58821.45105.00105.00( 716.45)782.3
101-41110-331TRAVEL & CONFERENCE EXPENSE1,840.221,814.168,400.008,400.006,585.8421.6
101-41110-361GENERAL LIABILITY INSURANCE512.00544.00520.00520.00( 24.00)104.6
101-41110-433DUES & MEMBERSHIPS29,844.0027,921.0034,050.0034,050.006,129.0082.0
101-41120-103LEGISLATIVE BODIES1,080.001,040.005,640.005,640.004,600.0018.4
101-41120-151WORKERS COMP. INSUR. PREM..00.00320.00320.00320.00.0
101-41120-200OFFICE SUPPLIES.00.0075.0075.0075.00.0
101-41120-340ADVERTISING.00.0050.0050.0050.00.0
101-41130-304LEGAL FEES270.00137.501,000.001,000.00862.5013.8
101-41130-340ADVERTISING170.68.00750.00750.00750.00.0
101-41310-101MAYOR SALARIES2,600.002,600.007,800.007,800.005,200.0033.3
101-41310-104TAXABLE PER DIEM.00.001,000.001,000.001,000.00.0
101-41310-120MN PAID LEAVE.0015.5650.0050.0034.4431.1
101-41310-121PERA CONTRIBUTIONS130.00130.00440.00440.00310.0029.6
101-41310-122FICA CONTRIBUTIONS37.7237.72.00.00( 37.72).0
101-41310-125MEDICARE CONTRIBUTIONS.00.00125.00125.00125.00.0
101-41310-151WORKERS COMP. INSUR. PREM..00.0010.0010.0010.00.0
101-41310-171CLOTHING ALLOWANCE.00.0050.0050.0050.00.0
101-41310-200OFFICE SUPPLIES45.00.0050.0050.0050.00.0
101-41310-331TRAVEL & CONFERENCE EXPENSE191.4385.003,000.003,000.002,915.002.8
101-41310-361GENERAL LIABILITY INSURANCE128.00136.00130.00130.00( 6.00)104.6
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 3
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-41410-101ELECTION SALARIES.00.0012,320.0012,320.0012,320.00.0
101-41410-120MN PAID LEAVE.00.0055.0055.0055.00.0
101-41410-210OPERATING SUPPLIES.00.00300.00300.00300.00.0
101-41410-331TRAVEL & CONFERENCE.00.00700.00700.00700.00.0
101-41410-340ADVERTISING.00.00350.00350.00350.00.0
101-41410-410RENTALS.00600.006,000.006,000.005,400.0010.0
101-41410-580OTHER EQUIPMENT.00.00500.00500.00500.00.0
101-41430-101ADMINISTRATIVE SALARIES96,326.4999,844.68336,555.00336,555.00236,710.3229.7
101-41430-120MN PAID LEAVE.00658.701,885.001,885.001,226.3034.9
101-41430-121PERA CONTRIBUTIONS7,128.227,398.3124,925.0024,925.0017,526.6929.7
101-41430-122FICA CONTRIBUTIONS6,923.707,125.3719,470.0019,470.0012,344.6336.6
101-41430-123DEFERRED COMP-EMPLOYER450.00450.002,600.002,600.002,150.0017.3
101-41430-125MEDICARE CONTRIBUTIONS( 24.66).002,580.002,580.002,580.00.0
101-41430-130H S A- EMPLOYER CONTRIBUTION3,780.002,687.504,800.004,800.002,112.5056.0
101-41430-131HEALTH INSURANCE19,104.6615,836.3260,600.0060,600.0044,763.6826.1
101-41430-132DENTAL INSURANCE1,289.321,180.242,980.002,980.001,799.7639.6
101-41430-133LIFE INSURANCE77.1583.80245.00245.00161.2034.2
101-41430-134DISABILTY INSURANCE836.99769.883,250.003,250.002,480.1223.7
101-41430-151WORKERS COMP. INSUR. PREM..00.00790.00790.00790.00.0
101-41430-171CLOTHING ALLOWANCE.00.00150.00150.00150.00.0
101-41430-200OFFICE SUPPLIES407.08148.662,000.002,000.001,851.347.4
101-41430-201POSTAGE1,354.461,344.975,500.005,500.004,155.0324.5
101-41430-205MOTOR FUEL.00145.46250.00250.00104.5458.2
101-41430-210OPERATING SUPPLIES872.66740.453,150.003,150.002,409.5523.5
101-41430-220REPAIR AND MAINTENANCE132.31.00210.00210.00210.00.0
101-41430-230VEHICLE R&M.00909.361,000.001,000.0090.6490.9
101-41430-300PROFESSIONAL SERVICES1,927.421,669.623,500.003,500.001,830.3847.7
101-41430-310SOFTWARE SUPPORT3,905.804,177.4310,920.0010,920.006,742.5738.3
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 4
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-41530-101FINANCE SALARIES66,194.5270,240.47228,595.00228,595.00158,354.5330.7
101-41530-120MN PAID LEAVE.00469.061,270.001,270.00800.9436.9
101-41530-121PERA CONTRIBUTIONS4,848.185,135.0716,640.0016,640.0011,504.9330.9
101-41530-122FICA CONTRIBUTIONS4,708.054,889.3313,140.0013,140.008,250.6737.2
101-41530-123DEFERRED COMP-EMPLOYER675.00675.001,950.001,950.001,275.0034.6
101-41530-125MEDICARE CONTRIBUTIONS.00.003,075.003,075.003,075.00.0
101-41530-130H S A- EMPLOYER CONTRIBUTION2,400.002,500.004,800.004,800.002,300.0052.1
101-41530-131HEALTH INSURANCE11,734.8012,476.8843,200.0043,200.0030,723.1228.9
101-41530-132DENTAL INSURANCE648.40648.402,980.002,980.002,331.6021.8
101-41530-133LIFE INSURANCE53.2053.20165.00165.00111.8032.2
101-41530-134DISABILTY INSURANCE574.92517.452,185.002,185.001,667.5523.7
101-41530-151WORKERS COMP. INSUR. PREM..00.00535.00535.00535.00.0
101-41530-171CLOTHING ALLOWANCE.00.00100.00100.00100.00.0
101-41530-200OFFICE SUPPLIES72.88243.62525.00525.00281.3846.4
101-41530-300PROFESSIONAL SERVICES1,997.165,687.135,500.005,500.00( 187.13)103.4
101-41530-310SOFTWARE SUPPORT4,763.927,417.4519,280.0019,280.0011,862.5538.5
101-41530-321TELEPHONE244.20235.261,025.001,025.00789.7423.0
101-41530-331TRAVEL & CONFERENCE EXPENSE494.6659.453,000.003,000.002,940.552.0
101-41530-340ADVERTISING235.42.001,500.001,500.001,500.00.0
101-41530-433DUES & MEMBERSHIPS339.9980.00340.00340.00260.0023.5
101-41540-300AUDIT & ACCOUNTING SERVICES.0030,000.0040,350.0040,350.0010,350.0074.4
101-41550-300PROFESSIONAL SERVICES.00.0026,000.0026,000.0026,000.00.0
101-41610-304LEGAL FEES5,176.002,750.5015,000.0015,000.0012,249.5018.3
101-41710-220REPAIR AND MAINTENANCE.00.00500.00500.00500.00.0
101-41710-310IT SERVICES9,058.5823,065.6018,000.0018,000.00( 5,065.60)128.1
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 5
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-41910-101PLANNING & ZONING SALARIES25,647.6126,887.4785,515.0085,515.0058,627.5331.4
101-41910-120MN PAID LEAVE.00176.76440.00440.00263.2440.2
101-41910-121PERA CONTRIBUTIONS1,923.542,016.596,415.006,415.004,398.4131.4
101-41910-122FICA CONTRIBUTIONS1,949.711,967.464,920.004,920.002,952.5440.0
101-41910-123DEFERRED COMP-EMPLOYER146.25292.50425.00425.00132.5068.8
101-41910-125MEDICARE CONTRIBUTIONS.00.001,150.001,150.001,150.00.0
101-41910-130H S A- EMPLOYER CONTRIBUTION780.00812.501,560.001,560.00747.5052.1
101-41910-131HEALTH INSURANCE3,623.124,062.9614,040.0014,040.009,977.0428.9
101-41910-132DENTAL INSURANCE238.88238.80970.00970.00731.2024.6
101-41910-133LIFE INSURANCE17.2817.2855.0055.0037.7231.4
101-41910-134DISABILTY INSURANCE201.52178.24830.00830.00651.7621.5
101-41910-151WORKERS COMP. INSUR. PREM..00.00200.00200.00200.00.0
101-41910-171CLOTHING ALLOWANCE.00.0030.0030.0030.00.0
101-41910-200OFFICE SUPPLIES25.3332.3775.0075.0042.6343.2
101-41910-201POSTAGE13.26.00200.00200.00200.00.0
101-41910-300PROFESSIONAL SERVICES170.46169.736,500.006,500.006,330.272.6
101-41910-303ENGINEERING FEE235.001,177.202,500.002,500.001,322.8047.1
101-41910-304LEGAL FEES112.50220.001,100.001,100.00880.0020.0
101-41910-310SOFTWARE SUPPORT.00.001,425.001,425.001,425.00.0
101-41910-321TELEPHONE124.17115.23520.00520.00404.7722.2
101-41910-331TRAVEL & CONFERENCE EXPENSE.0067.011,300.001,300.001,232.995.2
101-41910-340ADVERTISING274.5675.04600.00600.00524.9612.5
101-41910-431ANNEXATION/RECORDING FEE.00220.12650.00650.00429.8833.9
101-41910-433DUES & MEMBERSHIPS667.00693.40880.00880.00186.6078.8
101-41910-451JOINT PLANNING.00.00250.00250.00250.00.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 6
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-41941-101GENERAL GOVERNMENT SALARIES4,894.0214,752.2923,900.0023,900.009,147.7161.7
101-41941-120MN PAID LEAVE.0091.39135.00135.0043.6167.7
101-41941-121PERA CONTRIBUTIONS363.131,102.561,775.001,775.00672.4462.1
101-41941-122FICA CONTRIBUTIONS347.651,084.011,415.001,415.00330.9976.6
101-41941-123DEFERRED COMP-EMPLOYER.00.0065.0065.0065.00.0
101-41941-125MEDICARE CONTRIBUTIONS.00.00330.00330.00330.00.0
101-41941-130H SA- EMPLOYER CONTRIBUTION293.13257.25600.00600.00342.7542.9
101-41941-131HEALTH INSURANCE1,257.441,561.785,190.005,190.003,628.2230.1
101-41941-132DENTAL INSURANCE73.6090.70300.00300.00209.3030.2
101-41941-133LIFE INSURANCE8.1512.7720.0020.007.2363.9
101-41941-134DISABILTY INSURANCE65.2066.19230.00230.00163.8128.8
101-41941-151WORKERS COMP. INSUR. PREM..00.00615.00615.00615.00.0
101-41941-171CLOTHING ALLOWANCE.0016.00.00.00( 16.00).0
101-41941-220REPAIR AND MAINTENANCE.00.00525.00525.00525.00.0
101-41941-361GENERAL LIABILITY INSURANCE2,132.717,049.712,230.002,230.00( 4,819.71)316.1
101-41942-210OPERATING SUPPLIES25.4782.362,625.002,625.002,542.643.1
101-41942-220REPAIR AND MAINTENANCE9.89613.845,000.005,000.004,386.1612.3
101-41942-300PROFESSIONAL SERVICES10,861.7011,159.3446,925.0046,925.0035,765.6623.8
101-41942-361GENERAL LIABILITY INSURANCE6,215.451,431.386,555.006,555.005,123.6221.8
101-41942-381ELECTRIC UTILITIES5,247.595,644.6420,485.0020,485.0014,840.3627.6
101-41942-383GAS UTILITIES4,162.804,208.338,575.008,575.004,366.6749.1
101-41942-410RENTALS399.50399.50525.00525.00125.5076.1
101-41942-437REAL ESTATE TAXES.0019,076.0018,000.0018,000.00( 1,076.00)106.0
101-41950-101CABLE SALARIES700.00700.004,995.004,995.004,295.0014.0
101-41950-120MN PAID LEAVE.004.2025.0025.0020.8016.8
101-41950-122FICA CONTRIBUTIONS53.5553.54310.00310.00256.4617.3
101-41950-125MEDICARE CONTRIBUTIONS.00.0050.0050.0050.00.0
101-41950-151WORKERS COMP. INSUR. PREM..00.0010.0010.0010.00.0
101-41950-210OPERATING SUPPLIES.00.00210.00210.00210.00.0
101-41950-220REPAIR AND MAINTENANCE.00427.00500.00500.0073.0085.4
101-41950-300PROFESSIONAL SERVICES47.9747.97200.00200.00152.0324.0
101-41950-310SOFTWARE SUPPORT.00.00625.00625.00625.00.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 7
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-42120-101POLICE SALARIES396,195.06432,911.801,610,210.001,610,210.001,177,298.2026.9
101-42120-120MN PAID LEAVE.002,857.779,195.009,195.006,337.2331.1
101-42120-121PERA CONTRIBUTIONS63,434.9666,456.96264,390.00264,390.00197,933.0425.1
101-42120-122FICA CONTRIBUTIONS9,293.5310,762.7211,490.0011,490.00727.2893.7
101-42120-123DEFERRED COMP-EMPLOYER991.292,565.4411,510.0011,510.008,944.5622.3
101-42120-125MEDICARE CONTRIBUTIONS.0018.8622,255.0022,255.0022,236.14.1
101-42120-130H S A- EMPLOYER CONTRIBUTION17,034.7850,426.4039,490.0039,490.00( 10,936.40)127.7
101-42120-131HEALTH INSURANCE73,278.2098,344.32323,280.00323,280.00224,935.6830.4
101-42120-132DENTAL INSURANCE3,080.263,496.5720,845.0020,845.0017,348.4316.8
101-42120-133LIFE INSURANCE357.02402.191,235.001,235.00832.8132.6
101-42120-134DISABILTY INSURANCE4,006.174,015.6614,875.0014,875.0010,859.3427.0
101-42120-151WORKERS COMP. INSUR. PREM..00.0058,935.0058,935.0058,935.00.0
101-42120-171CLOTHING ALLOWANCE506.51556.9914,000.0014,000.0013,443.014.0
101-42120-200OFFICE SUPPLIES.00157.38200.00200.0042.6278.7
101-42120-201POSTAGE83.33410.30750.00750.00339.7054.7
101-42120-210OPERATING SUPPLIES2,396.571,705.136,300.006,300.004,594.8727.1
101-42120-211AWAIRE SUPPLIES42.50.00250.00250.00250.00.0
101-42120-214SMALL TOOL & MINOR EQUIPMENT.00.00150.00150.00150.00.0
101-42120-220REPAIR AND MAINTENANCE.00.00200.00200.00200.00.0
101-42120-300PROFESSIONAL SERVICES3,920.183,423.0719,950.0019,950.0016,526.9317.2
101-42120-304LEGAL FEES517.502,745.0050,925.0050,925.0048,180.005.4
101-42120-307COMMUNITY POLICING PROGRAMS.00.001,000.001,000.001,000.00.0
101-42120-310SOFTWARE SUPPORT11,783.402,960.7440,200.0040,200.0037,239.267.4
101-42120-314SAFETY PROGRAM.00.001,015.001,015.001,015.00.0
101-42140-210OPERATING SUPPLIES.005,244.008,400.008,400.003,156.0062.4
101-42140-300PROFESSIONAL SERVICES4,685.186,153.147,350.007,350.001,196.8683.7
101-42140-331TRAVEL & CONFERENCE EXPENSE1,560.00.005,250.005,250.005,250.00.0
101-42151-210OPERATING SUPPLIES.00.00105.00105.00105.00.0
101-42151-220TELEPHONE/RADIO REPAIR/MAINT.00235.00250.00250.0015.0094.0
101-42151-320COMMUNICATION SUPPORT1,142.00225.001,575.001,575.001,350.0014.3
101-42151-321TELEPHONE3,673.693,518.6815,355.0015,355.0011,836.3222.9
101-42152-205MOTOR FUEL6,327.456,397.4225,795.0025,795.0019,397.5824.8
101-42152-230VEHICLE REPAIR & MAINTENANCE2,825.462,021.0437,800.0037,800.0035,778.965.4
101-42152-446LICENSE.00.0075.0075.0075.00.0
101-42401-300PROFESSIONAL SERVICES28,500.0028,500.00102,025.00102,025.0073,525.0027.9
101-42401-310SOFTWARE SUPPORT708.36844.131,960.001,960.001,115.8743.1
101-42401-438STATE SURCHARGE501.00591.0010,000.0010,000.009,409.005.9
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 8
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-42500-220REPAIR AND MAINTENANCE.00.00525.00525.00525.00.0
101-42500-300PROFESSIONAL SERVICES900.001,890.001,575.001,575.00( 315.00)120.0
101-42500-326FIRE SIREN22.3935.2095.0095.0059.8037.1
101-42500-331TRAVEL & CONFERENCE EXPENSE.00.001,365.001,365.001,365.00.0
101-42500-433DUES & MEMBERSHIPS.00.00200.00200.00200.00.0
101-43120-101STREET SALARIES65,743.8062,520.33205,035.00205,035.00142,514.6730.5
101-43120-120MN PAID LEAVE.00404.631,190.001,190.00785.3734.0
101-43120-121PERA CONTRIBUTIONS4,852.414,623.9714,205.0014,205.009,581.0332.6
101-43120-122FICA CONTRIBUTIONS4,846.384,636.8712,305.0012,305.007,668.1337.7
101-43120-123DEFERRED COMP-EMPLOYER( 252.13)28.25325.00325.00296.758.7
101-43120-125MEDICARE CONTRIBUTIONS.00.002,875.002,875.002,875.00.0
101-43120-130H S A- EMPLOYER CONTRIBUTION3,412.654,190.737,415.007,415.003,224.2756.5
101-43120-131HEALTH INSURANCE13,904.5613,794.3841,100.0041,100.0027,305.6233.6
101-43120-132DENTAL INSURANCE804.56698.842,235.002,235.001,536.1631.3
101-43120-133LIFE INSURANCE67.5251.76165.00165.00113.2431.4
101-43120-134DISABILTY INSURANCE877.44766.771,855.001,855.001,088.2341.3
101-43120-151WORKERS COMP. INSUR. PREM..00.007,435.007,435.007,435.00.0
101-43120-171CLOTHING ALLOWANCE81.73183.801,740.001,740.001,556.2010.6
101-43120-200OFFICE SUPPLIES.00.00315.00315.00315.00.0
101-43120-201POSTAGE41.68.00210.00210.00210.00.0
101-43120-205MOTOR FUEL2,209.472,135.4410,185.0010,185.008,049.5621.0
101-43120-210OPERATING SUPPLIES2,290.293,097.2620,000.0020,000.0016,902.7415.5
101-43120-214SMALL TOOL & MINOR EQUIPMENT1,131.81.001,500.001,500.001,500.00.0
101-43120-220REPAIR AND MAINTENANCE150.00( 9.01)7,875.007,875.007,884.01( .1)
101-43120-230VEHICLE REPAIR & MAINTENANCE536.621,917.5010,500.0010,500.008,582.5018.3
101-43120-300PROFESSIONAL SERVICES1,500.00.0010,500.0010,500.0010,500.00.0
101-43120-310SOFTWARE SUPPORT1,377.711,480.373,300.003,300.001,819.6344.9
101-43120-314SAFETY PROGRAM119.34299.151,435.001,435.001,135.8520.9
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:29PM PAGE: 9
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-43125-101ICE & SNOW REMOVAL SALARIES31,743.5223,534.4867,210.0067,210.0043,675.5235.0
101-43125-120MN PAID LEAVE.00179.11390.00390.00210.8945.9
101-43125-121PERA CONTRIBUTIONS2,353.081,731.934,545.004,545.002,813.0738.1
101-43125-122FICA CONTRIBUTIONS2,329.001,742.924,015.004,015.002,272.0843.4
101-43125-125MEDICARE CONTRIBUTIONS.00.00940.00940.00940.00.0
101-43125-130H S A- EMPLOYER CONTRIBUTION.00.002,755.002,755.002,755.00.0
101-43125-131HEALTH INSURANCE.00.0013,620.0013,620.0013,620.00.0
101-43125-132DENTAL INSURANCE.00.00820.00820.00820.00.0
101-43125-133LIFE INSURANCE6.8231.8155.0055.0023.1957.8
101-43125-134DISABILTY INSURANCE31.006.86590.00590.00583.141.2
101-43125-205MOTOR FUEL2,213.212,280.964,765.004,765.002,484.0447.9
101-43125-210OPERATING SUPPLIES36,128.3421,556.6455,000.0055,000.0033,443.3639.2
101-43125-230VEHICLE REPAIR & MAINTENANCE12,220.006,239.3220,000.0020,000.0013,760.6831.2
101-43131-303ENGINEERING FEE15,562.6618,943.7455,000.0055,000.0036,056.2634.4
101-43201-200OFFICE SUPPLIES46.3336.84315.00315.00278.1611.7
101-43201-210OPERATING SUPPLIES2,155.543,704.2210,000.0010,000.006,295.7837.0
101-43201-214SMALL TOOL & MINOR EQUIPMENT416.16109.552,000.002,000.001,890.455.5
101-43201-220REPAIR AND MAINTENANCE1,339.173,636.555,000.005,000.001,363.4572.7
101-43201-300PROFESSIONAL SERVICES862.583,438.002,050.002,050.00( 1,388.00)167.7
101-43201-321TELEPHONE1,564.711,584.014,345.004,345.002,760.9936.5
101-43201-381ELECTRIC UTILITIES3,198.303,204.1412,120.0012,120.008,915.8626.4
101-43201-383GAS UTILITIES6,926.616,734.059,435.009,435.002,700.9571.4
101-43201-410RENTALS66.0072.60240.00240.00167.4030.3
101-43220-101SALARIES3,500.664,464.4317,935.0017,935.0013,470.5724.9
101-43220-120MN PAID LEAVE.0027.17105.00105.0077.8325.9
101-43220-121PERA CONTRIBUTIONS258.06333.711,330.001,330.00996.2925.1
101-43220-122FICA CONTRIBUTIONS262.23333.411,065.001,065.00731.5931.3
101-43220-125MEDICARE CONTRIBUTIONS.00.00250.00250.00250.00.0
101-43220-130H S A- EMPLOYER CONTRIBUTION.00.00675.00675.00675.00.0
101-43220-131HEALTH INSURANCE.00.004,110.004,110.004,110.00.0
101-43220-132DENTAL INSURANCE.00.00225.00225.00225.00.0
101-43220-133LIFE INSURANCE3.552.9115.0015.0012.0919.4
101-43220-134DISABILTY INSURANCE15.523.43175.00175.00171.572.0
101-43220-205MOTOR FUEL19.99.00100.00100.00100.00.0
101-43220-230VEHICLE REPAIR & MAINTENANCE1,417.95484.402,625.002,625.002,140.6018.5
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:30PM PAGE: 10
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-45123-101WARMING HOUSE SALARIES4,824.344,515.148,660.008,660.004,144.8652.1
101-45123-120MN PAID LEAVE.0027.0350.0050.0022.9754.1
101-45123-122FICA CONTRIBUTIONS369.06345.38535.00535.00189.6264.6
101-45123-125MEDICARE CONTRIBUTIONS.00.00125.00125.00125.00.0
101-45123-151WORKERS COMP. INSUR. PREM..00.00235.00235.00235.00.0
101-45123-210OPERATING SUPPLIES.00.001,570.001,570.001,570.00.0
101-45123-220REPAIR AND MAINTENANCE.00.00525.00525.00525.00.0
101-45123-381ELECTRIC UTILITIES359.03379.81435.00435.0055.1987.3
101-45123-383GAS UTILITIES107.52162.31940.00940.00777.6917.3
101-45125-210OPERATING SUPPLIES.0049.87750.00750.00700.136.7
101-45125-220REPAIR AND MAINTENANCE57.31.001,575.001,575.001,575.00.0
101-45202-101PARK SALARIES62,818.6467,493.67225,675.00225,675.00158,181.3329.9
101-45202-120MN PAID LEAVE.00438.401,305.001,305.00866.6033.6
101-45202-121PERA CONTRIBUTIONS4,618.685,022.8615,580.0015,580.0010,557.1432.2
101-45202-122FICA CONTRIBUTIONS4,609.964,996.6713,505.0013,505.008,508.3337.0
101-45202-123DEFERRED COMP-EMPLOYER( 189.92).00195.00195.00195.00.0
101-45202-125MEDICARE CONTRIBUTIONS.00.003,160.003,160.003,160.00.0
101-45202-130H S A- EMPLOYER CONTRIBUTION2,756.603,310.358,800.008,800.005,489.6537.6
101-45202-131HEALTH INSURANCE10,619.6811,597.2847,130.0047,130.0035,532.7224.6
101-45202-132DENTAL INSURANCE604.48570.982,830.002,830.002,259.0220.2
101-45202-133LIFE INSURANCE63.3347.63185.00185.00137.3725.8
101-45202-134DISABILTY INSURANCE698.92605.462,035.002,035.001,429.5429.8
101-45202-151WORKERS COMP. INSUR. PREM..00.006,945.006,945.006,945.00.0
101-45202-171CLOTHING ALLOWANCE79.55163.191,740.001,740.001,576.819.4
101-45202-200OFFICE SUPPLIES.00.00150.00150.00150.00.0
101-45202-201POSTAGE41.68.00100.00100.00100.00.0
101-45202-205MOTOR FUEL2,029.632,018.188,105.008,105.006,086.8224.9
101-45202-210OPERATING SUPPLIES3,810.784,123.6330,000.0030,000.0025,876.3713.8
101-45202-214SMALL TOOL & MINOR EQUIPMENT125.96142.98500.00500.00357.0228.6
101-45202-220REPAIR AND MAINTENANCE2,665.841,478.5720,000.0020,000.0018,521.437.4
101-45202-230VEHICLE REPAIR & MAINTENANCE1,068.483,910.5910,000.0010,000.006,089.4139.1
101-45202-300PROFESSIONAL SERVICES2,603.582,559.2822,500.0022,500.0019,940.7211.4
101-45202-310SOFTWARE SUPPORT1,377.711,480.373,300.003,300.001,819.6344.9
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:30PM PAGE: 11
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
GENERAL FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
101-45204-101RECREATION SALARIES11,642.3811,176.4963,165.0063,165.0051,988.5117.7
101-45204-120MN PAID LEAVE.0067.96375.00375.00307.0418.1
101-45204-121PERA CONTRIBUTIONS873.18838.232,705.002,705.001,866.7731.0
101-45204-122FICA CONTRIBUTIONS890.64855.003,915.003,915.003,060.0021.8
101-45204-125MEDICARE CONTRIBUTIONS.00.00915.00915.00915.00.0
101-45204-151WORKERS COMP. INSUR. PREM..00.00515.00515.00515.00.0
101-45204-171CLOTHING ALLOWANCE.00.00400.00400.00400.00.0
101-45204-200OFFICE SUPPLIES60.05.00210.00210.00210.00.0
101-45204-201POSTAGE.00.00315.00315.00315.00.0
101-45204-210OPERATING SUPPLIES6.22.00790.00790.00790.00.0
101-45204-213CONCESSIONS.0046.80370.00370.00323.2012.7
101-45204-220REPAIR AND MAINTENANCE.00.00525.00525.00525.00.0
101-45204-300PROFESSIONAL SERVICES1,472.74238.692,000.002,000.001,761.3111.9
101-45204-308COMMUNITY PROGRAMS1,475.473,937.687,500.007,500.003,562.3252.5
101-45204-310SOFTWARE SUPPORT3,476.253,650.064,440.004,440.00789.9482.2
101-45204-321TELEPHONE124.17115.23520.00520.00404.7722.2
101-45204-328MARKETING318.98110.40750.00750.00639.6014.7
101-45204-331TRAVEL & CONFERENCE EXPENSE50.0085.751,260.001,260.001,174.256.8
101-49300-720TRANSFERS TO OTHER FUNDS7,000.00.00.00.00.00.0
102-41430-110SEVERANCE PAYMENT1,959.30.00.00.00.00.0
102-42120-110SEVERANCE PAYMENT.0037,066.02.00.00( 37,066.02).0
109-41942-300PROFESSIONAL SERVICES.00.0020,000.0020,000.0020,000.00.0
109-42151-580OTHER EQUIPMENT.00.009,200.009,200.009,200.00.0
109-42152-550MOTOR VEHICLES.00.0015,000.0015,000.0015,000.00.0
109-42152-580OTHER EQUIPMENT7,784.1233,301.7219,700.0019,700.00( 13,601.72)169.0
109-42152-581COMPUTER HARDWARE.00.001,000.001,000.001,000.00.0
109-42500-580OTHER EQUIPMENT.00.00500.00500.00500.00.0
109-43125-580OTHER EQUIPMENT.00.0036,375.0036,375.0036,375.00.0
109-43201-520BUILDINGS & STRUCTURES.004,609.00.00.00( 4,609.00).0
109-43201-580OTHER EQUIPMENT6,883.8721,955.153,000.003,000.00( 18,955.15)731.8
IMPROVEMENTS OTHER THAN BLDG109-45202-530.00.008,000.008,000.008,000.00.0
109-45202-550MOTOR VEHICLES.0022,847.585,000.005,000.00( 17,847.58)457.0
109-45202-580OTHER EQUIPMENT.00.0021,700.0021,700.0021,700.00.0
109-49300-720TRANSFERS TO OTHER FUNDS32,365.12.00.00.00.00.0
110-41430-300PROFESSIONAL SERVICES10,000.0010,000.0020,000.0020,000.0010,000.0050.0
110-41941-580OTHER EQUIPMENT.00.00110,000.00110,000.00110,000.00.0
110-41942-300PROFESSIONAL SERVICES.00.002,000.002,000.002,000.00.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:30PM PAGE: 12
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
DEBT SERVICE RELIEF
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
110-42120-300PROFESSIONAL SERVICES2,800.00.002,000.002,000.002,000.00.0
110-42120-580OTHER EQUIPMENT4,406.10.00.00.00.00.0
110-43120-300PROFESSIONAL SERVICES.00.002,000.002,000.002,000.00.0
110-43201-220REPAIR AND MAINTENANCE900.00.00.00.00.00.0
110-43201-520BUILDINGS & STRUCTURES2,495.35.00.00.00.00.0
110-43201-580OTHER EQUIPMENT.00.0010,000.0010,000.0010,000.00.0
110-45202-300PROFESSIONAL SERVICES.00.0022,000.0022,000.0022,000.00.0
110-49300-720TRANSFERS TO OTHER FUNDS24,850.0068,500.0018,500.0018,500.00( 50,000.00)370.3
TOTAL GENERAL FUND EXPENDITUR 1,470,658.671,745,373.315,597,680.005,597,680.003,852,306.6931.2
NET REVENUE OVER EXPENDITURES( 1,354,815.63)( 1,601,607.83)( 2,135,802.00)( 2,135,802.00)( 534,194.17)( 75.0)
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:30PM PAGE: 13
CITYOFSTJOSEPH
BALANCE SHEET
APRIL 30, 2026
FUND 601 - WATER FUND
ASSETS
601-10199CASH1,085,528.95
601-10500ACCOUNTS RECEIVABLE174,513.13
601-12100SPECIAL ASSESSMENTS RECEIVABLE25,811.49
601-16100LAND372,941.34
601-16200BUILDING7,502,432.35
601-16210ACCUMULATED DEPR. BUILDING( 3,278,314.58)
601-16300TREATMENT PLANT & LINE11,624,002.57
601-16305IMPROVEMENTS NOT BUILDINGS315,192.96
601-16310ACCUMULATED DEPR. PLANT & LINE( 4,625,709.94)
601-16315ACCUM DEPN - IMPROVE NOT BLDGS( 103,959.40)
601-16400MACHINERY & EQUIPMENT331,450.33
601-16410ACCUMULATED DEPR. MACH & EQUIP( 234,811.87)
601-16500CONSTRUCTION IN PROGRESS58,854.47
TOTAL ASSETS13,247,931.80
LIABILITIES AND EQUITY
LIABILITIES
601-20200ACCOUNTS PAYABLE( 1,323.06)
601-22500BONDS PAYABLE -CURRENT PORTION555,000.00
601-22530REVENUE BONDS PAYABLE560,000.00
601-22840NET PENSION LIABILITY98,491.00
601-23200UNAMORTIZED BOND PREMIUM47,700.00
TOTAL LIABILITIES1,259,867.94
FUND EQUITY
601-25310UNASSIGNED FUND BALANCE4,380,870.84
601-26100CONTRIB. FROM DEVELOPERS1,488,015.21
601-26140CONTRIB. FROM CAPITAL FUNDS6,336,429.14
REVENUE OVER EXPENDITURES - YTD( 217,251.33)
TOTAL FUND EQUITY11,988,063.86
TOTAL LIABILITIES AND EQUITY13,247,931.80
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETCURRENT BUDGETUNEARNEDPCNT
UTILITIES REVENUE
601-00000-31010CURRENT AD VALOREM TAXES.00( .69).00.00.69.0
601-00000-31320STATE SALES TAX1,496.811,477.37.00.00( 1,477.37).0
601-00000-34221WATER TOWER ANTENNA LEASE7,679.997,910.4123,790.0023,790.0015,879.5933.3
601-00000-36100SPECIAL ASSESSMENTS( 814.12)( 2,439.98)525.00525.002,964.98(464.8)
601-00000-36210INTEREST EARNINGS24,745.26( 2,147.59)26,250.0026,250.0028,397.59( 8.2)
601-00000-36220AMORTIZATION OF BOND PREMIUM.00( 31,841.96).00.0031,841.96.0
601-00000-36300REIMBURSEMENT.001,052.43.00.00( 1,052.43).0
601-00000-37110USAGE RATE201,198.92209,179.79868,100.00868,100.00658,920.2124.1
601-00000-37111BULK WATER.00( 51.42)770.00770.00821.42( 6.7)
601-00000-37115UNDESIGNATED FUNDS60.0060.00.00.00( 60.00).0
601-00000-37150CONNECTION/RECONNECTION FEES300.00600.001,000.001,000.00400.0060.0
601-00000-37160PENALTIES AND FORFEITED DISC2,024.142,161.772,500.002,500.00338.2386.5
601-00000-37171WATER METER9,334.002,635.002,500.002,500.00( 135.00)105.4
601-00000-37180WATER FIXED CHARGE120,133.03126,203.54411,550.00411,550.00285,346.4630.7
601-00000-37181MDS TEST FEE6,028.189,567.2528,500.0028,500.0018,932.7533.6
601-00000-37190CONTRIBUTED REVENUE.00( 10,000.00).00.0010,000.00.0
601-00000-39201TRANSFERS FROM OTHER FUNDS21,182.565,000.0065,000.0065,000.0060,000.007.7
TOTAL UTILITIES REVENUE393,368.77319,365.921,430,485.001,430,485.001,111,119.0822.3
TOTAL FUND REVENUE393,368.77319,365.921,430,485.001,430,485.001,111,119.0822.3
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 1
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
BOND PAYMENT (P & I)
601-47100-413LEASE PAYMENTS.00.005,800.005,800.005,800.00.0
601-47100-600DEBT SERVICE - PRINCIPAL.00555,000.00115,000.00115,000.00( 440,000.00)482.6
601-47100-611BOND INTEREST( 1,784.00)( 843.89)15,260.0015,260.0016,103.89( 5.5)
601-47100-620AGENT FEES.00.00750.00750.00750.00.0
TOTAL BOND PAYMENT (P & I)( 1,784.00)554,156.11136,810.00136,810.00( 417,346.11)405.1
OTHER FINANCING USES
601-49300-720TRANSFERS TO OTHER FUNDS6,865.006,145.006,145.006,145.00.00100.0
TOTAL OTHER FINANCING USES6,865.006,145.006,145.006,145.00.00100.0
POWER AND PUMPING
601-49410-220REPAIR AND MAINTENANCE2,900.00.007,875.007,875.007,875.00.0
601-49410-300PROFESSIONAL SERVICES.00.0026,250.0026,250.0026,250.00.0
601-49410-381ELECTRIC UTILITIES1,261.411,365.067,310.007,310.005,944.9418.7
601-49410-383GAS UTILITIES530.19564.251,345.001,345.00780.7542.0
TOTAL POWER AND PUMPING4,691.601,929.3142,780.0042,780.0040,850.694.5
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 2
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
PURIFICATION-PLANT 1
601-49420-210OPERATING SUPPLIES3,128.046,350.6618,900.0018,900.0012,549.3433.6
601-49420-220REPAIR AND MAINTENANCE3,781.798,674.2539,270.0039,270.0030,595.7522.1
601-49420-300PROFESSIONAL SERVICES.00483.331,260.001,260.00776.6738.4
601-49420-310SOFTWARE SUPPORT.00.00190.00190.00190.00.0
601-49420-312TESTS840.00960.003,990.003,990.003,030.0024.1
601-49420-321TELEPHONE1,564.711,584.014,345.004,345.002,760.9936.5
601-49420-381ELECTRIC UTILITIES3,071.633,215.4312,375.0012,375.009,159.5726.0
601-49420-383GAS UTILITIES999.921,193.482,150.002,150.00956.5255.5
601-49420-580OTHER EQUIPMENT.00.0056,500.0056,500.0056,500.00.0
TOTAL PURIFICATION-PLANT 113,386.0922,461.16138,980.00138,980.00116,518.8416.2
PURIFICATION-PLANT 2
601-49421-210OPERATING SUPPLIES3,945.414,825.7129,400.0029,400.0024,574.2916.4
601-49421-214SMALL TOOL & MINOR EQUIPMENT.00.00525.00525.00525.00.0
601-49421-220REPAIR AND MAINTENANCE6,433.0810,205.8331,500.0031,500.0021,294.1732.4
601-49421-300PROFESSIONAL SERVICES1,195.00725.003,500.003,500.002,775.0020.7
601-49421-310SOFTWARE SUPPORT.00.00190.00190.00190.00.0
601-49421-321TELEPHONE1,904.711,924.015,400.005,400.003,475.9935.6
601-49421-381ELECTRIC UTILITIES8,448.218,282.7739,590.0039,590.0031,307.2320.9
601-49421-383GAS UTILITIES3,679.085,065.728,595.008,595.003,529.2858.9
601-49421-580OTHER EQUIPMENT.00.00100,000.00100,000.00100,000.00.0
TOTAL PURIFICATION-PLANT 225,605.4931,029.04218,700.00218,700.00187,670.9614.2
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 3
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
DISTRIBUTION
601-49430-210OPERATING SUPPLIES266,182.37278,489.55270,000.00270,000.00( 8,489.55)103.1
601-49430-220REPAIR AND MAINTENANCE3,444.5422,931.537,875.007,875.00( 15,056.53)291.2
601-49430-300PROFESSIONAL SERVICES4,940.136,187.0285,575.0085,575.0079,387.987.2
TOTAL DISTRIBUTION274,567.04307,608.10363,450.00363,450.0055,841.9084.6
WELLHEAD PROTECTION
601-49434-303ENGINEERING FEE.00.003,000.003,000.003,000.00.0
TOTAL WELLHEAD PROTECTION.00.003,000.003,000.003,000.00.0
STORAGE-TOWER 1
601-49435-220REPAIR AND MAINTENANCE.00.002,625.002,625.002,625.00.0
601-49435-300PROFESSIONAL SERVICES.00.00315.00315.00315.00.0
601-49435-321TELEPHONE1,424.711,444.013,915.003,915.002,470.9936.9
601-49435-381ELECTRIC UTILITIES1,216.581,048.523,525.003,525.002,476.4829.8
IMPROVEMENTS OTHER THAN BLDG601-49435-530.00.0040,000.0040,000.0040,000.00.0
TOTAL STORAGE-TOWER 12,641.292,492.5350,380.0050,380.0047,887.475.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 4
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
WATER MAINTENANCE
601-49440-101WATER DEPT SALARIES( 10,152.39)( 12,055.98)190,080.00190,080.00202,135.98( 6.3)
601-49440-112PENSION EXPENSE.00( 857.00).00.00857.00.0
601-49440-120MN PAID LEAVE.00456.171,100.001,100.00643.8341.5
601-49440-121PERA CONTRIBUTIONS4,935.875,187.1714,020.0014,020.008,832.8337.0
601-49440-122FICA CONTRIBUTIONS( 940.06)( 1,078.48)11,365.0011,365.0012,443.48( 9.5)
601-49440-123DEFERRED COMP-EMPLOYER( 417.53)197.751,125.001,125.00927.2517.6
601-49440-125MEDICARE CONTRIBUTIONS.00.002,655.002,655.002,655.00.0
601-49440-130H S A- EMPLOYER CONTRIBUTION1,897.822,243.487,915.007,915.005,671.5228.3
601-49440-131HEALTH INSURANCE7,137.688,188.0836,810.0036,810.0028,621.9222.2
601-49440-132DENTAL INSURANCE455.52472.321,640.001,640.001,167.6828.8
601-49440-133LIFE INSURANCE64.2554.96150.00150.0095.0436.6
601-49440-134DISABILTY INSURANCE550.76501.191,815.001,815.001,313.8127.6
601-49440-151WORKERS COMP. INSUR. PREM..00.002,890.002,890.002,890.00.0
601-49440-171CLOTHING ALLOWANCE180.07427.301,150.001,150.00722.7037.2
601-49440-200OFFICE SUPPLIES179.98.00210.00210.00210.00.0
601-49440-201POSTAGE6.107.452,600.002,600.002,592.55.3
601-49440-205MOTOR FUEL2,011.012,965.5810,650.0010,650.007,684.4227.9
601-49440-210OPERATING SUPPLIES635.03507.392,100.002,100.001,592.6124.2
601-49440-214SMALL TOOL & MINOR EQUIPMENT46.02.002,000.002,000.002,000.00.0
601-49440-220REPAIR AND MAINTENANCE21,858.0723.5621,000.0021,000.0020,976.44.1
601-49440-230VEHICLE REPAIR & MAINTENANCE396.49304.292,625.002,625.002,320.7111.6
601-49440-300PROFESSIONAL SERVICES1,060.00375.0010,500.0010,500.0010,125.003.6
601-49440-303ENGINEERING FEE1,706.50161.501,575.001,575.001,413.5010.3
601-49440-310SOFTWARE SUPPORT15.75.00775.00775.00775.00.0
601-49440-314SAFETY PROGRAM99.34105.281,435.001,435.001,329.727.3
601-49440-319GOPHER STATE NOTIFICATION72.9385.75785.00785.00699.2510.9
601-49440-321TELEPHONE378.03360.941,245.001,245.00884.0629.0
601-49440-331TRAVEL & CONFERENCE EXPENSE712.60882.001,050.001,050.00168.0084.0
601-49440-361GENERAL LIABILITY INSURANCE26,053.5425,922.7726,110.0026,110.00187.2399.3
601-49440-433DUES & MEMBERSHIPS1,291.301,093.271,250.001,250.00156.7387.5
601-49440-437REAL ESTATE TAXES324.00326.00350.00350.0024.0093.1
601-49440-442WATER PERMIT2,590.222,779.043,950.003,950.001,170.9670.4
601-49440-444ANNUAL WATER CONNECTION FEE4,520.007,180.0028,500.0028,500.0021,320.0025.2
601-49440-446LICENSE.0075.69210.00210.00134.3136.0
601-49440-550MOTOR VEHICLES16,645.0620,873.543,500.003,500.00( 17,373.54)596.4
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 5
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
601-49440-580OTHER EQUIPMENT.00.002,000.002,000.002,000.00.0
601-49440-581COMPUTER HARDWARE.002,469.00750.00750.00( 1,719.00)329.2
TOTAL WATER MAINTENANCE84,313.9670,235.01397,885.00397,885.00327,649.9917.7
WATER GENERAL ADMINISTRATION
601-49490-101WATER ADMIN SALARIES4,363.654,796.8022,395.0022,395.0017,598.2021.4
601-49490-120MN PAID LEAVE.0035.89125.00125.0089.1128.7
601-49490-121PERA CONTRIBUTIONS399.05411.231,680.001,680.001,268.7724.5
601-49490-122FICA CONTRIBUTIONS324.76365.781,285.001,285.00919.2228.5
601-49490-125MEDICARE CONTRIBUTIONS.00.00300.00300.00300.00.0
601-49490-130H SA- EMPLOYER CONTRIBUTION240.00250.00600.00600.00350.0041.7
601-49490-131HEALTH INSURANCE1,232.161,381.765,400.005,400.004,018.2425.6
601-49490-132DENTAL INSURANCE66.6466.64375.00375.00308.3617.8
601-49490-133LIFE INSURANCE5.325.3220.0020.0014.6826.6
601-49490-134DISABILTY INSURANCE61.1254.62225.00225.00170.3824.3
601-49490-151WORKERS COMP. INSUR. PREM..00.0055.0055.0055.00.0
601-49490-171CLOTHING ALLOWANCE.00.0015.0015.0015.00.0
601-49490-200OFFICE SUPPLIES66.63.00150.00150.00150.00.0
601-49490-201POSTAGE1,003.781,585.473,150.003,150.001,564.5350.3
601-49490-210OPERATING SUPPLIES443.61410.622,400.002,400.001,989.3817.1
601-49490-300PROFESSIONAL SERVICES.00.004,200.004,200.004,200.00.0
601-49490-310SOFTWARE SUPPORT2,723.953,031.075,935.005,935.002,903.9351.1
601-49490-317OTHER FEES.00.0015.0015.0015.00.0
601-49490-331TRAVEL & CONFERENCE EXPENSE7.002.90250.00250.00247.101.2
601-49490-340ADVERTISING.0018.34165.00165.00146.6611.1
601-49490-410RENTALS301.19257.87525.00525.00267.1349.1
601-49490-581COMPUTER HARDWARE.00425.07250.00250.00( 175.07)170.0
TOTAL WATER GENERAL ADMINISTRA 11,238.8613,099.3849,515.0049,515.0036,415.6226.5
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 6
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
WATER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
DEPRECIATION EXPENSE
601-49970-420DEPRECIATION.00( 472,538.39)475,000.00475,000.00947,538.39( 99.5)
TOTAL DEPRECIATION EXPENSE.00( 472,538.39)475,000.00475,000.00947,538.39( 99.5)
TOTAL FUND EXPENDITURES421,525.33536,617.251,882,645.001,882,645.001,346,027.7528.5
NET REVENUE OVER EXPENDITURES( 28,156.56)( 217,251.33)( 452,160.00)( 452,160.00)( 234,908.67)( 48.1)
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 7
CITYOFSTJOSEPH
BALANCE SHEET
APRIL 30, 2026
FUND 602 - SEWER FUND
ASSETS
602-10199CASH3,788,067.84
602-10500ACCOUNTS RECEIVABLE269,894.62
602-16100LAND4,940.50
602-16200BUILDING1,295,253.80
602-16210ACCUMULATED DEPR. BUILDING( 402,928.56)
602-16300TREATMENT PLANT & LINE9,940,907.92
602-16310ACCUMULATED DEPR. PLANT & LINE( 3,553,062.73)
602-16320INTANGIBLE ASSETS9,180,409.24
602-16330ACCUMULATED DEPR. INTANGIBLES( 3,585,353.01)
602-16400MACHINERY & EQUIPMENT736,778.71
602-16410ACCUMULATED DEPR. MACH & EQUIP( 604,021.98)
602-16500CONSTRUCTION IN PROGRESS804,029.16
TOTAL ASSETS17,874,915.51
LIABILITIES AND EQUITY
LIABILITIES
602-20200ACCOUNTS PAYABLE828.73
602-22500BONDS PAYABLE -CURRENT PORTION130,000.00
602-22510NOTES PAYABLE -CURRENT PORTION395,299.00
602-22530REVENUE BONDS PAYABLE410,000.00
602-22540NONCURRENT NOTES PAYABLE2,609,771.00
602-22840NET PENSION LIABILITY92,888.00
602-23200UNAMORTIZED BOND PREMIUM28,230.00
TOTAL LIABILITIES3,667,016.73
FUND EQUITY
602-25310UNASSIGNED FUND BALANCE5,998,533.60
602-26120CONTRIB. FROM DEVELOPERS1,735,533.93
602-26140CONTRIB. FROM CAPITAL FUNDS6,288,285.33
REVENUE OVER EXPENDITURES - YTD185,545.92
TOTAL FUND EQUITY14,207,898.78
TOTAL LIABILITIES AND EQUITY17,874,915.51
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
UTILITIES REVENUE
602-00000-36100SPECIAL ASSESSMENTS( 748.83)( 936.10)420.00420.001,356.10(222.9)
602-00000-36210INTEREST EARNINGS50,401.46( 3,250.43)36,750.0036,750.0040,000.43( 8.8)
602-00000-36220AMORTIZATION OF BOND PREMIUM.00( 11,847.61).00.0011,847.61.0
602-00000-36230CONTRIBUTIONS - GENERAL.00.00735.00735.00735.00.0
602-00000-37110SANITARY SEWER USE SERVICE313,305.06311,553.83942,400.00942,400.00630,846.1733.1
602-00000-37160PENALTIES AND FORFEITED DISC2,786.832,862.533,500.003,500.00637.4781.8
602-00000-37180SEWER FIXED CHARGE224,897.96227,162.18674,335.00674,335.00447,172.8233.7
602-00000-37190CONTRIBUTED REVENUE.00( 10,000.00).00.0010,000.00.0
602-00000-39201TRANSFERS FROM OTHER FUNDS16,182.56.0072,500.0072,500.0072,500.00.0
TOTAL UTILITIES REVENUE606,825.04515,544.401,730,640.001,730,640.001,215,095.6029.8
TOTAL FUND REVENUE606,825.04515,544.401,730,640.001,730,640.001,215,095.6029.8
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 8
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
BOND PAYMENT (P & I)
602-47100-600DEBT SERVICE - PRINCIPAL.00130,000.00135,000.00135,000.005,000.0096.3
602-47100-611BOND INTEREST.00( 54,824.00)11,000.0011,000.0065,824.00(498.4)
602-47100-620AGENT FEES.00.00380.00380.00380.00.0
TOTAL BOND PAYMENT (P & I).0075,176.00146,380.00146,380.0071,204.0051.4
OTHER FINANCING USES
602-49300-720TRANSFERS TO OTHER FUNDS29,050.0028,330.0028,330.0028,330.00.00100.0
TOTAL OTHER FINANCING USES29,050.0028,330.0028,330.0028,330.00.00100.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 9
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
SANITARY SEWER MAINTENANCE
602-49450-101SEWER DEPT SALARIES( 34,920.19)( 33,573.43)178,050.00178,050.00211,623.43( 18.9)
602-49450-112PENSION EXPENSE.00( 6,060.00).00.006,060.00.0
602-49450-120MN PAID LEAVE.00320.031,025.001,025.00704.9731.2
602-49450-121PERA CONTRIBUTIONS3,076.043,604.3513,150.0013,150.009,545.6527.4
602-49450-122FICA CONTRIBUTIONS( 2,728.65)( 2,646.49)10,615.0010,615.0013,261.49( 24.9)
602-49450-123DEFERRED COMP-EMPLOYER( 401.96)197.76995.00995.00797.2419.9
602-49450-125MEDICARE CONTRIBUTIONS.00.002,485.002,485.002,485.00.0
602-49450-130H S A- EMPLOYER CONTRIBUTION1,716.242,092.247,675.007,675.005,582.7627.3
602-49450-131HEALTH INSURANCE6,440.087,996.2035,070.0035,070.0027,073.8022.8
602-49450-132DENTAL INSURANCE420.72463.561,640.001,640.001,176.4428.3
602-49450-133LIFE INSURANCE37.8440.55145.00145.00104.4528.0
602-49450-134DISABILTY INSURANCE524.72474.501,700.001,700.001,225.5027.9
602-49450-151WORKERS COMP. INSUR. PREM..00.002,435.002,435.002,435.00.0
602-49450-171CLOTHING ALLOWANCE179.36427.011,150.001,150.00722.9937.1
602-49450-200OFFICE SUPPLIES.00102.85210.00210.00107.1549.0
602-49450-205MOTOR FUEL2,403.912,942.0111,095.0011,095.008,152.9926.5
602-49450-210OPERATING SUPPLIES817.21718.982,310.002,310.001,591.0231.1
602-49450-214SMALL TOOL & MINOR EQUIPMENT123.2269.991,575.001,575.001,505.014.4
602-49450-220REPAIR AND MAINTENANCE809.00105.007,875.007,875.007,770.001.3
602-49450-230VEHICLE REPAIR & MAINTENANCE2,294.371,504.334,725.004,725.003,220.6731.8
602-49450-300PROFESSIONAL SERVICES.00375.0010,500.0010,500.0010,125.003.6
602-49450-303ENGINEERING FEE.0048.601,050.001,050.001,001.404.6
602-49450-310SOFTWARE SUPPORT15.75.00775.00775.00775.00.0
602-49450-321TELEPHONE378.03360.901,000.001,000.00639.1036.1
602-49450-331TRAVEL & CONFERENCE EXPENSE362.60879.001,050.001,050.00171.0083.7
602-49450-361GENERAL LIABILITY INSURANCE12,298.5410,698.7712,000.0012,000.001,301.2389.2
602-49450-433DUES & MEMBERSHIPS1,039.30833.281,015.001,015.00181.7282.1
602-49450-446LICENSE.0096.18210.00210.00113.8245.8
602-49450-550MOTOR VEHICLES16,645.0628,074.793,500.003,500.00( 24,574.79)802.1
602-49450-580OTHER EQUIPMENT.00990.0054,500.0054,500.0053,510.001.8
602-49450-581COMPUTER HARDWARE.00978.60750.00750.00( 228.60)130.5
TOTAL SANITARY SEWER MAINTENA 11,531.1922,114.56370,275.00370,275.00348,160.446.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 10
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
LIFT STATION-BAKER STREET
602-49470-220REPAIR AND MAINTENANCE1,199.8016,756.202,625.002,625.00( 14,131.20)638.3
602-49470-300PROFESSIONAL SERVICES325.00325.00315.00315.00( 10.00)103.2
602-49470-381ELECTRIC UTILITIES1,276.551,198.464,255.004,255.003,056.5428.2
IMPROVEMENTS OTHER THAN BLDG602-49470-530.00.002,500.002,500.002,500.00.0
TOTAL LIFT STATION-BAKER STREET2,801.3518,279.669,695.009,695.00( 8,584.66)188.6
LIFT STATION-RIDGEWOOD/DBL
602-49471-220REPAIR AND MAINTENANCE.003.992,625.002,625.002,621.01.2
602-49471-300PROFESSIONAL SERVICES.00.00315.00315.00315.00.0
602-49471-381ELECTRIC UTILITIES436.25467.641,780.001,780.001,312.3626.3
602-49471-383GAS UTILITIES282.72241.84525.00525.00283.1646.1
IMPROVEMENTS OTHER THAN BLDG602-49471-530.007,718.37107,500.00107,500.0099,781.637.2
TOTAL LIFT STATION-RIDGEWOOD/DB 718.978,431.84112,745.00112,745.00104,313.167.5
LIFT STATION-NORTHLAND
602-49472-220REPAIR AND MAINTENANCE.00.002,625.002,625.002,625.00.0
602-49472-381ELECTRIC UTILITIES362.87348.161,315.001,315.00966.8426.5
IMPROVEMENTS OTHER THAN BLDG602-49472-530.00.002,500.002,500.002,500.00.0
TOTAL LIFT STATION-NORTHLAND362.87348.166,440.006,440.006,091.845.4
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 11
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
LIFT STATION-CR 121
602-49473-220REPAIR AND MAINTENANCE.00550.002,625.002,625.002,075.0021.0
602-49473-381ELECTRIC UTILITIES528.36965.112,000.002,000.001,034.8948.3
IMPROVEMENTS OTHER THAN BLDG602-49473-530.009,952.602,500.002,500.00( 7,452.60)398.1
TOTAL LIFT STATION-CR 121528.3611,467.717,125.007,125.00( 4,342.71)161.0
LIFT STATION-MAIN
602-49480-201POSTAGE.00.00210.00210.00210.00.0
602-49480-210OPERATING SUPPLIES.0013,978.4815,750.0015,750.001,771.5288.8
602-49480-220REPAIR AND MAINTENANCE1,750.43.005,250.005,250.005,250.00.0
602-49480-300PROFESSIONAL SERVICES325.00325.00164,925.00164,925.00164,600.00.2
602-49480-312TESTS2,906.003,259.0010,000.0010,000.006,741.0032.6
602-49480-321TELEPHONE1,424.731,444.033,915.003,915.002,470.9736.9
602-49480-381ELECTRIC UTILITIES1,403.921,690.806,735.006,735.005,044.2025.1
602-49480-383GAS UTILITIES391.79422.83685.00685.00262.1761.7
602-49480-419SEWER USE RENTAL61,121.1263,623.81315,000.00315,000.00251,376.1920.2
602-49480-580OTHER EQUIPMENT.00.003,000.003,000.003,000.00.0
602-49480-602ST. CLOUD DEBT SERVICE58,681.73588,258.06570,000.00570,000.00( 18,258.06)103.2
TOTAL LIFT STATION-MAIN128,004.72673,002.011,095,470.001,095,470.00422,467.9961.4
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 12
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
SEWER GENERAL ADMINISTRATION
602-49490-101SEWER ADMIN SALARIES4,363.654,796.8022,395.0022,395.0017,598.2021.4
602-49490-120MN PAID LEAVE.0035.89125.00125.0089.1128.7
602-49490-121PERA CONTRIBUTIONS399.05411.231,680.001,680.001,268.7724.5
602-49490-122FICA CONTRIBUTIONS324.76365.781,285.001,285.00919.2228.5
602-49490-125MEDICARE CONTRIBUTIONS.00.00300.00300.00300.00.0
602-49490-130H SA- EMPLOYER CONTRIBUTION240.00250.00600.00600.00350.0041.7
602-49490-131HEALTH INSURANCE1,232.161,381.765,400.005,400.004,018.2425.6
602-49490-132DENTAL INSURANCE66.6466.64375.00375.00308.3617.8
602-49490-133LIFE INSURANCE5.325.3220.0020.0014.6826.6
602-49490-134DISABILTY INSURANCE61.1254.62225.00225.00170.3824.3
602-49490-151WORKERS COMP. INSUR. PREM..00.0055.0055.0055.00.0
602-49490-171CLOTHING ALLOWANCE.00.0015.0015.0015.00.0
602-49490-200OFFICE SUPPLIES66.63.00315.00315.00315.00.0
602-49490-201POSTAGE1,003.791,585.473,150.003,150.001,564.5350.3
602-49490-210OPERATING SUPPLIES443.61410.621,750.001,750.001,339.3823.5
602-49490-300PROFESSIONAL SERVICES.00.004,200.004,200.004,200.00.0
602-49490-310SOFTWARE SUPPORT2,723.953,031.075,935.005,935.002,903.9351.1
602-49490-314SAFETY PROGRAM99.34105.281,435.001,435.001,329.727.3
602-49490-319GOPHER STATE NOTIFICATION72.9285.75525.00525.00439.2516.3
602-49490-331TRAVEL & CONFERENCE EXPENSE7.002.90250.00250.00247.101.2
602-49490-340ADVERTISING.0018.34.00.00( 18.34).0
602-49490-410RENTALS301.20257.87525.00525.00267.1349.1
602-49490-581COMPUTER HARDWARE.00425.07250.00250.00( 175.07)170.0
TOTAL SEWER GENERAL ADMINISTR 11,411.1413,290.4150,810.0050,810.0037,519.5926.2
DEPRECIATION EXPENSE
602-49970-420DEPRECIATION.00( 520,441.87)565,000.00565,000.001,085,441.87( 92.1)
TOTAL DEPRECIATION EXPENSE.00( 520,441.87)565,000.00565,000.001,085,441.87( 92.1)
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 13
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
SEWER FUND
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
TOTAL FUND EXPENDITURES184,408.60329,998.482,392,270.002,392,270.002,062,271.5213.8
NET REVENUE OVER EXPENDITURES422,416.44185,545.92( 661,630.00)( 661,630.00)( 847,175.92)28.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 14
CITYOFSTJOSEPH
BALANCE SHEET
APRIL 30, 2026
FUND 603 - REFUSE/RECYCLING/COMPOST
ASSETS
603-10199CASH313,166.52
603-10500ACCOUNTS RECEIVABLE96,917.58
603-16400MACHINERY & EQUIPMENT67,997.94
603-16410ACCUMULATED DEPR. MACH & EQUIP( 51,577.21)
TOTAL ASSETS426,504.83
LIABILITIES AND EQUITY
LIABILITIES
603-22840NET PENSION LIABILITY8,348.00
TOTAL LIABILITIES8,348.00
FUND EQUITY
603-25310UNASSIGNED FUND BALANCE291,810.25
603-26140CONTRIB. FROM CAPITAL FUNDS42,015.46
REVENUE OVER EXPENDITURES - YTD84,331.12
TOTAL FUND EQUITY418,156.83
TOTAL LIABILITIES AND EQUITY426,504.83
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
REFUSE/RECYCLING/COMPOST
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
UTILITIES REVENUE
603-00000-31320STATE SALES TAX5,808.026,606.47.00.00( 6,606.47).0
603-00000-32000LICENSES & PERMITS11,030.009,795.0035,320.0035,320.0025,525.0027.7
603-00000-34404PENALTIES AND FORFEIFTED DISC1,396.211,501.902,625.002,625.001,123.1057.2
603-00000-36100SPECIAL ASSESSMENTS( 368.17)( 264.75)210.00210.00474.75(126.1)
603-00000-36210INTEREST EARNINGS3,236.74( 250.61)4,000.004,000.004,250.61( 6.3)
603-00000-37105REFUSE COLLECTION CHARGES160,716.14178,569.52610,365.00610,365.00431,795.4829.3
603-00000-39201TRANSFERS FROM OTHER FUNDS24,850.0018,500.0018,500.0018,500.00.00100.0
TOTAL UTILITIES REVENUE206,668.94214,457.53671,020.00671,020.00456,562.4732.0
TOTAL FUND REVENUE206,668.94214,457.53671,020.00671,020.00456,562.4732.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 15
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
REFUSE/RECYCLING/COMPOST
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
WASTE COLLECTION
603-43230-101REFUSE SALARIES5,134.375,031.3526,865.0026,865.0021,833.6518.7
603-43230-112PENSION EXPENSE.00( 953.00).00.00953.00.0
603-43230-120MN PAID LEAVE.0037.69150.00150.00112.3125.1
603-43230-121PERA CONTRIBUTIONS455.89428.902,015.002,015.001,586.1021.3
603-43230-122FICA CONTRIBUTIONS379.10382.881,560.001,560.001,177.1224.5
603-43230-125MEDICARE CONTRIBUTIONS.00.00365.00365.00365.00.0
603-43230-130H SA- EMPLOYER CONTRIBUTION300.00365.41915.00915.00549.5939.9
603-43230-131HEALTH INSURANCE1,582.161,680.466,480.006,480.004,799.5425.9
603-43230-132DENTAL INSURANCE90.7286.40450.00450.00363.6019.2
603-43230-133LIFE INSURANCE5.765.6525.0025.0019.3522.6
603-43230-134DISABILTY INSURANCE75.9268.24270.00270.00201.7625.3
603-43230-151WORKERS COMP. INSUR. PREM..00.00205.00205.00205.00.0
603-43230-171CLOTHING ALLOWANCE.00.0015.0015.0015.00.0
603-43230-200OFFICE SUPPLIES66.63.00105.00105.00105.00.0
603-43230-201POSTAGE1,003.791,585.472,150.002,150.00564.5373.7
603-43230-210OPERATING SUPPLIES680.00700.00700.00700.00.00100.0
603-43230-300PROFESSIONAL SERVICES.00.0030,985.0030,985.0030,985.00.0
603-43230-302MAINTENANCE REIMBURSEMENT1,180.002,000.002,000.002,000.00.00100.0
603-43230-310SOFTWARE SUPPORT2,543.112,841.075,745.005,745.002,903.9349.5
603-43230-331TRAVEL & CONFERENCE EXPENSE7.002.89250.00250.00247.111.2
603-43230-340ADVERTISING.0018.34.00.00( 18.34).0
603-43230-384REFUSE DISPOSAL113,516.53118,087.91541,540.00541,540.00423,452.0921.8
603-43230-410RENTALS301.21257.881,200.001,200.00942.1221.5
603-43230-510LAND AND LAND IMPROVEMENTS.00.0015,000.0015,000.0015,000.00.0
603-43230-580OTHER EQUIPMENT.00.005,750.005,750.005,750.00.0
603-43230-581COMPUTER HARDWARE.00425.07250.00250.00( 175.07)170.0
TOTAL WASTE COLLECTION127,322.19133,052.61644,990.00644,990.00511,937.3920.6
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 16
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
REFUSE/RECYCLING/COMPOST
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
OTHER FINANCING USES
603-49300-720TRANSFERS TO OTHER FUNDS145.00200.00200.00200.00.00100.0
TOTAL OTHER FINANCING USES145.00200.00200.00200.00.00100.0
DEPRECIATION EXPENSE
603-49970-420DEPRECIATION.00( 3,126.20)3,200.003,200.006,326.20( 97.7)
TOTAL DEPRECIATION EXPENSE.00( 3,126.20)3,200.003,200.006,326.20( 97.7)
TOTAL FUND EXPENDITURES127,467.19130,126.41648,390.00648,390.00518,263.5920.1
NET REVENUE OVER EXPENDITURES79,201.7584,331.1222,630.0022,630.00( 61,701.12)372.7
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 17
CITYOFSTJOSEPH
BALANCE SHEET
APRIL 30, 2026
FUND 651 - STORM WATER UTILITY
ASSETS
651-10199CASH848,686.69
651-10500ACCOUNTS RECEIVABLE37,285.04
651-16300TREATMENT PLANT & LINE7,331,027.05
651-16310ACCUMULATED DEPR. PLANT & LINE( 2,289,141.19)
651-16320INTANGIBLE ASSETS67,914.92
651-16400MACHINERY & EQUIPMENT172,248.21
651-16410ACCUMULATED DEPR. MACH & EQUIP( 123,284.66)
TOTAL ASSETS6,044,736.06
LIABILITIES AND EQUITY
LIABILITIES
651-22840NET PENSION LIABILITY17,563.00
TOTAL LIABILITIES17,563.00
FUND EQUITY
651-25310UNASSIGNED FUND BALANCE2,597,512.27
651-26100CONTRIB. FROM DEVELOPERS505,905.98
651-26140CONTRIB. FROM CAPITAL FUNDS2,716,542.00
REVENUE OVER EXPENDITURES - YTD207,212.81
TOTAL FUND EQUITY6,027,173.06
TOTAL LIABILITIES AND EQUITY6,044,736.06
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STORM WATER UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
UTILITIES REVENUE
1252. 651-00000-36100SPECIAL ASSESSMENTS( 4,242.75)( 2,505.04)200.00200.002,705.04
651-00000-36210INTEREST EARNINGS9,970.60( 595.70)6,000.006,000.006,595.70( 9.9)
651-00000-37110STORM WATER USE SERVICE73,420.7775,719.24231,565.00231,565.00155,845.7632.7
651-00000-37160PENALTIES AND FORFEIFTED DISC452.32466.881,630.001,630.001,163.1228.6
TOTAL UTILITIES REVENUE79,600.9473,085.38239,395.00239,395.00166,309.6230.5
TOTAL FUND REVENUE79,600.9473,085.38239,395.00239,395.00166,309.6230.5
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:41PM PAGE: 18
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STORM WATER UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
OTHER FINANCING USES
651-49300-720TRANSFERS TO OTHER FUNDS18,855.0018,630.0018,630.0018,630.00.00100.0
TOTAL OTHER FINANCING USES18,855.0018,630.0018,630.0018,630.00.00100.0
STORM WATER GENERAL ADMIN
651-49490-101STORMWATER ADMIN SALARIES3,272.763,597.5913,435.0013,435.009,837.4126.8
651-49490-120MN PAID LEAVE.0026.9175.0075.0048.0935.9
651-49490-121PERA CONTRIBUTIONS299.26308.401,010.001,010.00701.6030.5
651-49490-122FICA CONTRIBUTIONS243.60274.37770.00770.00495.6335.6
651-49490-125MEDICARE CONTRIBUTIONS.00.00180.00180.00180.00.0
651-49490-130H SA- EMPLOYER CONTRIBUTION180.00187.50360.00360.00172.5052.1
651-49490-131HEALTH INSURANCE924.161,036.323,240.003,240.002,203.6832.0
651-49490-132DENTAL INSURANCE50.0050.00225.00225.00175.0022.2
651-49490-133LIFE INSURANCE4.004.0010.0010.006.0040.0
651-49490-134DISABILTY INSURANCE45.8440.99135.00135.0094.0130.4
651-49490-151WORKERS COMP. INSUR. PREM..00.0030.0030.0030.00.0
651-49490-171CLOTHING ALLOWANCE.00.0010.0010.0010.00.0
651-49490-200OFFICE SUPPLIES66.63.00105.00105.00105.00.0
651-49490-201POSTAGE920.461,485.48.00.00( 1,485.48).0
651-49490-300PROFESSIONAL SERVICES.001,636.00.00.00( 1,636.00).0
651-49490-310SOFTWARE SUPPORT2,369.762,609.005,170.005,170.002,561.0050.5
651-49490-331TRAVEL & CONFERENCE EXPENSE590.252.18150.00150.00147.821.5
651-49490-340ADVERTISING.0018.35.00.00( 18.35).0
651-49490-581COMPUTER HARDWARE.00425.07250.00250.00( 175.07)170.0
TOTAL STORM WATER GENERAL ADM 8,966.7211,702.1625,155.0025,155.0013,452.8446.5
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 19
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STORM WATER UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
STORM WATER MAINTENANCE
651-49900-101STORMWATER DEPT SALARIES4,803.98156.5550,400.0050,400.0050,243.45.3
651-49900-112PENSION EXPENSE.00( 11,022.00).00.0011,022.00.0
651-49900-120MN PAID LEAVE.0028.10290.00290.00261.909.7
651-49900-121PERA CONTRIBUTIONS586.56284.463,700.003,700.003,415.547.7
651-49900-122FICA CONTRIBUTIONS361.147.662,990.002,990.002,982.34.3
651-49900-123DEFERRED COMP-EMPLOYER.00113.00485.00485.00372.0023.3
651-49900-125MEDICARE CONTRIBUTIONS.00.00700.00700.00700.00.0
651-49900-130H S A- EMPLOYER CONTRIBUTION229.45300.561,850.001,850.001,549.4416.3
651-49900-131HEALTH INSURANCE700.001,712.509,750.009,750.008,037.5017.6
651-49900-132DENTAL INSURANCE48.16102.46375.00375.00272.5427.3
651-49900-133LIFE INSURANCE6.134.1440.0040.0035.8610.4
651-49900-134DISABILTY INSURANCE62.00116.46480.00480.00363.5424.3
651-49900-151WORKERS COMP. INSUR. PREM..00.00660.00660.00660.00.0
651-49900-171CLOTHING ALLOWANCE15.1938.53.00.00( 38.53).0
651-49900-210OPERATING SUPPLIES.00.001,680.001,680.001,680.00.0
651-49900-220REPAIR AND MAINTENANCE.00.0010,000.0010,000.0010,000.00.0
651-49900-300PROFESSIONAL SERVICES400.00700.00250.00250.00( 450.00)280.0
651-49900-302MAINTENANCE REIMBURSEMENT14,000.0014,000.0014,000.0014,000.00.00100.0
651-49900-303ENGINEERING FEE275.501,245.005,250.005,250.004,005.0023.7
651-49900-308COMMUNITY PROGRAMS1,620.00.001,890.001,890.001,890.00.0
651-49900-310SOFTWARE SUPPORT.00.001,760.001,760.001,760.00.0
651-49900-321TELEPHONE264.21255.271,025.001,025.00769.7324.9
651-49900-331TRAVEL & CONFERENCE EXPENSE.00.00250.00250.00250.00.0
651-49900-340ADVERTISING.00.0080.0080.0080.00.0
651-49900-410RENTALS.00.00260.00260.00260.00.0
IMPROVEMENTS OTHER THAN BLDG651-49900-530.00.0010,500.0010,500.0010,500.00.0
651-49900-580OTHER EQUIPMENT.00.0016,800.0016,800.0016,800.00.0
TOTAL STORM WATER MAINTENANCE 23,372.328,042.69135,465.00135,465.00127,422.315.9
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 20
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STORM WATER UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
DEPRECIATION EXPENSE
651-49970-420DEPRECIATION.00( 172,502.28)170,000.00170,000.00342,502.28(101.5)
TOTAL DEPRECIATION EXPENSE.00( 172,502.28)170,000.00170,000.00342,502.28(101.5)
TOTAL FUND EXPENDITURES51,194.04( 134,127.43)349,250.00349,250.00483,377.43( 38.4)
NET REVENUE OVER EXPENDITURES28,406.90207,212.81( 109,855.00)( 109,855.00)( 317,067.81)188.6
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 21
CITYOFSTJOSEPH
BALANCE SHEET
APRIL 30, 2026
FUND 652 - STREET LIGHT UTILITY
ASSETS
652-10199CASH154,330.56
652-10500ACCOUNTS RECEIVABLE14,903.38
TOTAL ASSETS169,233.94
LIABILITIES AND EQUITY
LIABILITIES
652-22840NET PENSION LIABILITY4,178.00
TOTAL LIABILITIES4,178.00
FUND EQUITY
652-25310UNASSIGNED FUND BALANCE167,071.88
REVENUE OVER EXPENDITURES - YTD( 2,015.94)
TOTAL FUND EQUITY165,055.94
TOTAL LIABILITIES AND EQUITY169,233.94
CITY OF ST JOSEPH
REVENUES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STREET LIGHT UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
UTILITIES REVENUE
652-00000-36100SPECIAL ASSESSMENTS( 36.30)( 51.19)50.0050.00101.19(102.4)
652-00000-36210INTEREST EARNINGS2,085.41( 132.37)3,500.003,500.003,632.37( 3.8)
652-00000-37110USAGE RATE29,419.8229,911.9492,090.0092,090.0062,178.0632.5
652-00000-37160PENALTIES AND FORFEITED DISC148.10157.20400.00400.00242.8039.3
TOTAL UTILITIES REVENUE31,617.0329,885.5896,040.0096,040.0066,154.4231.1
TOTAL FUND REVENUE31,617.0329,885.5896,040.0096,040.0066,154.4231.1
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 22
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STREET LIGHT UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
STREET LIGHTING
652-43160-101STREET LIGHT SALARIES3,367.233,117.6018,740.0018,740.0015,622.4016.6
652-43160-112PENSION EXPENSE.00453.00.00.00( 453.00).0
652-43160-120MN PAID LEAVE.0023.68105.00105.0081.3222.6
652-43160-121PERA CONTRIBUTIONS290.20255.441,390.001,390.001,134.5618.4
652-43160-122FICA CONTRIBUTIONS251.71236.611,090.001,090.00853.3921.7
652-43160-123DEFERRED COMP.0028.25345.00345.00316.758.2
652-43160-125MEDICARE CONTRIBUTIONS.00.00255.00255.00255.00.0
652-43160-130H S A- EMPLOYER CONTRIBUTION349.46275.75240.00240.00( 35.75)114.9
652-43160-131HEALTH INSURANCE1,316.001,173.304,110.004,110.002,936.7028.6
652-43160-132DENTAL INSURANCE81.5263.40225.00225.00161.6028.2
652-43160-133LIFE INSURANCE4.183.6815.0015.0011.3224.5
652-43160-134DISABILTY INSURANCE61.5254.54185.00185.00130.4629.5
652-43160-151WORKERS COMP. INSUR. PREM..00.00275.00275.00275.00.0
652-43160-171CLOTHING ALLOWANCE.00.005.005.005.00.0
652-43160-201POSTAGE920.461,485.47.00.00( 1,485.47).0
652-43160-220REPAIR AND MAINTENANCE.002,287.634,200.004,200.001,912.3754.5
652-43160-310SOFTWARE SUPPORT354.18492.38850.00850.00357.6257.9
652-43160-331TRAVEL & CONFERENCE EXPENSE3.501.45105.00105.00103.551.4
652-43160-340ADVERTISING.0018.34.00.00( 18.34).0
652-43160-386STREET LIGHTING14,068.8917,679.4556,825.0056,825.0039,145.5531.1
652-43160-387HOLIDAY DECORATIONS.00.002,000.002,000.002,000.00.0
IMPROVEMENTS OTHER THAN BLDG652-43160-530.0022.9815,000.0015,000.0014,977.02.2
652-43160-580OTHER EQUIPMENT.004,000.00750.00750.00( 3,250.00)533.3
TOTAL STREET LIGHTING21,068.8531,672.95106,710.00106,710.0075,037.0529.7
OTHER FINANCING USES
652-49300-720TRANSFERS TO OTHER FUNDS950.00800.00800.00800.00.00100.0
TOTAL OTHER FINANCING USES950.00800.00800.00800.00.00100.0
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 23
CITY OF ST JOSEPH
EXPENDITURES WITH COMPARISON TO BUDGET
FOR THE 4 MONTHS ENDING APRIL 30, 2026
STREET LIGHT UTILITY
PRIOR YTD AMOUNTYTD ACTUALORIGINAL BUDGETBUDGETUNEXPENDEDPCNT
DEPARTMENT 49970
652-49970-420DEPRECIATION EXPENSE.00( 571.43).00.00571.43.0
TOTAL DEPARTMENT 49970.00( 571.43).00.00571.43.0
TOTAL FUND EXPENDITURES22,018.8531,901.52107,510.00107,510.0075,608.4829.7
NET REVENUE OVER EXPENDITURES9,598.18( 2,015.94)( 11,470.00)( 11,470.00)( 9,454.06)( 17.6)
FOR ADMINISTRATION USE ONLY33 % OF THE FISCAL YEAR HAS ELAPSED05/14/2026 03:42PM PAGE: 24
STAFF MEMO
Prepared by:
City Clerk
Meeting Date:
5/18/26
☐Consent Agenda Item
☒Regular Agenda Item
Agenda Item #
4e
Reviewed by: Item:
Special Event Permit – Rock 4 Alzheimers
ACTION REQUESTED
Motion to approve the special event permit submitted by Bad Habit Brewing Company for
Rock 4 Alzheimer’s on September 13, 2026; requiring 1 off-duty officer be present.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION N/A
PREVIOUS COUNCIL ACTION N/A
REFERENCE AND BACKGROUND Bad Habit Brewing Company submitted their special event
permit request for Rock 4 Alzheimer’s. The event will be held on September 13, 2026. The
event will be held from Noon – 9:00PM. Staff reviewed the request and Chief Pfannenstein is
requiring 1 off-duty officers to be at the event. A map of the event is included in the packet.
The entire event will remain on the applicant's property so no street/alley closures are needed.
BUDGET IMPACT
STAFF RECOMMENDED ACTION
Motion to approve the special event permit submitted by Bad Habit Brewing Company for
Rock 4 Alzheimer’s on September 13, 2026; requiring 1 off-duty officer be present.
SUPPORTING DATA/ATTACHMENTS •Application, Map of Event
STAFF MEMO
Prepared by:
Nate Keller, CD Director
Meeting Date:
May 18th, 2026
☒ Consent Agenda Item ☐ Regular Agenda Item
Agenda Item #
4f
Reviewed by:
Item:
Appointment of Craig Hern to Planning Commission
Council Priority: ☐ Dispensary ☐ Industrial Park Expansion ☐ Housing ☐ Public Safety Facility/Safe Crossing of CSAH 75 ☒ N/A
ACTION REQUESTED
Consent gives automatic approval of appointment of Craig Hern to Planning Commission. If item is
pulled from consent staff requests a motion on the appointment.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION N/A
PREVIOUS COUNCIL ACTION Appointments are made by Mayor annually and as needed
REFERENCE AND BACKGROUND
Planning Commission member Isabella Margl has notified staff and the Mayor that she is moving
out of St. Joseph. Mayor recommends appointing Craig Hern to fufill the remaining term of Margl
which is set to expire end of 2026 (may be reappointed for another term in 2027). Planning
Commission terms are two years. Margl also serves on the Joint Planning Board and the PC will
provide a recommendation to fill her spot on the Joint Planning Board at their June meeting.
BUDGET IMPACT All PC members receive a stipend for attending meetings. This is an already
budgeted item.
STAFF RECOMMENDED ACTION N/A
SUPPORTING DATA/ATTACHMENTS
Appointment spreadsheet
STAFF MEMO
Prepared by:
City Clerk
Meeting Date:
5/18/26
☐Consent Agenda Item
☒Regular Agenda Item
Agenda Item #
5
Reviewed by:
City Administrator
Item:
Public Hearing – Special Event Request, Rocktoberfest
ACTION REQUESTED
Conduct public hearing
Motion to approve the special event permit for Rocktoberfest on Saturday, September 26, 2026.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION N/A
PREVIOUS COUNCIL ACTION N/A
REFERENCE AND BACKGROUND
The St. Joseph Booster Club submitted a special event application for Rocktoberfest. The
event will occur on Saturday, September 26, 2026 from 1PM-11PM. The event will take place
in the church parking lot on the corner of MN Street and College Avenue. The street closure
requested is the same as last year with the closure of MN St from College Ave to 1st Ave NE/SE
as well as Collebe Ave from MN Street to the northern entrance of the south parking lot. Soft
closures will be initiated at Baker Street and on the eastern side of the alleyway on 1st Ave SE
as indicated on the attached map. Two off-duty officers will attend the event.
The organziers are also having a kid friendly event on Friday, Sept. 25th. No street closures are
requested for this portion and the event will conclude by 9PM.
BUDGET IMPACT
Off-duty officer expenses will be paid by the applicant.
STAFF RECOMMENDED ACTION
Approve the special event permit for Roctoberfest on Saturday, September 26, 2026 as
presented which includes the outdoor/temporary liquor license and having 2 off-duty police
officers be in attendance.
SUPPORTING DATA/ATTACHMENTS
Special Event Application
Event Information
Site Plan
Street Closure Map
Temporary On-Sale Application
Red Line = Hard Closure Yellow Line = Soft Closure
STAFF MEMO
Prepared by:
Lori Bartlett, Finance Director
Meeting Date:
5-18-26
☐Consent Agenda Item
☒Regular Agenda Item
Agenda Item #
Reviewed by:
David Murphy, Administrator
Item:
2025 Audited Financial Statements
Council Priority: ☐ Dispensary ☐ Industrial Park Expansion ☐ Housing
☐Public Safety Facility/Safe Crossing of CSAH 75 ☒ N/A
ACTION REQUESTED
Consider acceptance of the 2025 audited financial statements.
BOARD/COMMISSION/COMMITTEE RECOMMENDATION
None
PREVIOUS COUNCIL ACTION
Council hired Creative Planning (also known as BerganKDV) to perform a financial audit of the city’s
2025 financial statements. This is the third year of the three-year engagement contract.
REFERENCE AND BACKGROUND
Annually MN State Statute and the MN Office of the State Auditor requires the City to have an
independent financial audit completed. The audit consists of reviewing internal controls, policies,
adherence to GASB, test compliance of MN Statutes and compliance with federal grants. BerganKDV
attestation team began audit work in the end of 2025 through May 2026 for the 2025 audited financial
statements.
The Partner, Janel Bitzan, Manager, Brittney Lemke, and Supervisor, Victoria De Ferraris, met with
David and Lori to report their findings on May 4th. Janel will be present at the council meeting to report
their findings to the city council, staff and public. The only finding they reported is a material weakness
for the lack of segregation of accounting duties as in past years. Due to costs to hire enough
employees to eliminate this finding, council and staff have agreed to monitor policies and internal
controls to mitigate misstatements and misappropriation of city funds.
The audited financial statements can be cumbersome to read. Although the entire report is important
for the users of the statements, the Management Discussion and Analysis (MD&A) on pages 7-13
provides a nice overview of the financial highlights for 2025 and the economic factors that will affect
the upcoming years. City staff prepared the MD&A analysis. The report included with the financial
statements titled “Communications Letter” is an analysis of the financial conditions of the City and was
prepared by BerganKDV.
BUDGET IMPACT
Informational only
STAFF RECOMMENDED ACTION
Accept the 2025 audited financial statements.
SUPPORTING DATA/ATTACHMENTS
2025 Audited Financial Statements
2025 Communications Letter
07
City of St. Joseph
Communications Letter
December 31, 2025
City of St. Joseph
Table of Contents
Report on Matters Identified as a Result of
the Audit of the Basic Financial Statements 1
Material Weakness 3
Required Communication 4
Financial Analysis 9
Emerging Issues 23
1
Report on Matters Identified as a Result of
the Audit of the Basic Financial Statements
Honorable Mayor, Members
of the City Council and Management
City of St. Joseph
St. Joseph, Minnesota
In planning and performing our audit of the financial statements of the governmental activities,
business-type activities, each major fund, and the aggregate remaining fund information of the City
of St. Joseph, Minnesota, as of and for the year ended December 31, 2025, 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, we considered the City's internal control over financial reporting (internal
control) as a basis for designing audit procedures that are appropriate in the circumstances for the
purpose of expressing our opinions on the financial statements, but not for the purpose of expressing
an opinion on the effectiveness of the City's internal control. Accordingly, we do not express an
opinion on the effectiveness of the City's internal control over financial reporting.
Our consideration of internal control was for the limited purpose described in the preceding
paragraph and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies
may exist that have not been identified. In addition, because of inherent limitations in internal
control, including the possibility of management override of controls, misstatements due to error, or
fraud may occur and not be detected by such controls. However, as discussed below, we identified a
certain deficiency in internal control that we consider to be a material weakness.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the City's basic financial statements will not
be prevented, or detected and corrected, on a timely basis. A reasonable possibility exists when the
likelihood of an event occurring is either reasonably possible or probable as defined as follows:
• Reasonably possible. The chance of the future event or events occurring is more than remote
but less than likely.
• Probable. The future event or events are likely to occur.
The material weakness identified is stated within this letter.
The accompanying memorandum also includes financial analysis provided as a basis for discussion.
The matters discussed herein were considered by us during our audit and they do not modify the
opinion expressed in our Independent Auditor's Report dated May 4, 2026, on such statements.
2
The purpose of this communication, which is an integral part of our audit, is to describe for the
Members of the City Council, management, and others within the City and state oversight agencies
the scope of our testing of internal control and the results of that testing. Accordingly, this
communication is not intended to be and should not be used for any other purpose.
St. Cloud, Minnesota
May 4, 2026
3
City of St. Joseph
Material Weakness
Improve Segregation of Accounting Duties
Adequate segregation of accounting duties is in place when the four areas of a transaction have been
separated: authorization, custody, recording, and reconciliation.
As part of this year's audit, we reviewed the City's documentation of its internal control over
significant areas including: cash receipts, cash disbursements, capital assets, payroll, and utility
billing. The lack of adequate segregation of accounting duties could adversely affect the City's ability
to initiate, record, process, and report financial data consistent with the assertions of management
in the financial statements. Some of the areas in which we noticed a lack of segregation or an
overlap in duties are as follows:
Cash Receipts
The Administrative Assistant enters cash and checks into the point-of-sale system and reconciles
daily receipts. The Account Technician sends late notices/calculate penalties. The Police Clerk
records police receipts and receives payments. The Lead Records Technician reconciles the
collections. A police officer takes the deposit to the bank.
Cash Disbursements
The Finance Director also is an authorized signer and has access to the Mayor's electronic
signature. At year-end, the Finance Director reconciles and records contracts payable. The City
Administrator reviews and approves checks for payment.
Capital Assets
The Finance Director records, processes, reconciles, and posts journal entries related to capital
assets. Department heads review their listing for accuracy.
Payroll
The Finance Technician reconciles employee's time, processes, and posts payroll, generates a
payroll report, distributes paystubs to employees, and posts the journal entries related to
payroll. In addition, this same employee reconciles payroll accruals. The Finance Director reviews
payroll reports and time off balances and calculates compensated absences balances for the
audit.
Utility Billing
The Account Technician enters new accounts into the utility billing system and uploads meter
readings via interfacing with electronic readers. The Account Technician enters any rate changes
to the system and can enter manual adjustments. The Account Technician calculates and enters
final bills, prints, and mails utility bills, reconciles receipts to billed amounts, and enters receipts
batches. The Finance Director approves adjustments and rate changes, and spots check individual
utility bill calculations.
Cash Reconciliation and Access
The Finance Director performs the above noted responsibilities, while also reconciling cash, and
generating manual journal entries.
We recommend management and the City Council review the above deficiencies and improve
segregation of accounting duties where possible to build upon the control environment. We also
recommend the City closely follow its internal control plan and follow through with the control
activities that have been designed.
4
City of St. Joseph
Required Communication
We have audited the basic financial statements of the governmental activities, business-type
activities, each major fund, and the aggregate remaining fund information of the City as of and for
the year ended December 31, 2025. Professional standards require that we advise you of the
following matters related to our audit.
Our Responsibility in Relation to the Financial Statement Audit
As communicated in our engagement letter, our responsibility, as described by professional
standards, is to form and express opinions about whether the basic financial statements prepared by
management with your oversight are presented fairly, in all material respects, in accordance with
accounting principles generally accepted in the United States of America. Our audit of the basic
financial statements does not relieve you or management of its respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the basic financial statements are free of
material misstatement. An audit of the basic financial statements includes consideration of internal
control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City 's
internal control over financial reporting. Accordingly, as part of our audit, we considered the
internal control of the City solely for the purpose of determining our audit procedures and not to
provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our
professional judgement, relevant to your responsibilities in overseeing the financial reporting
process. However, we are not required to design procedures for the purpose of identifying other
matters to communicate to you.
Generally accepted accounting principles provide for certain Required Supplementary Information
(RSI) to supplement the basic financial statements. Our responsibility with respect to the RSI, which
supplements the basic financial statements, is to apply certain limited procedures in accordance
with generally accepted auditing standards. However, the RSI was not audited and, because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance, we do not express an opinion or provide any assurance on the RSI.
Our responsibility for the supplementary information accompanying the basic financial statements,
as described by professional standards, is to evaluate the presentation of the supplementary
information in relation to the basic financial statements as a whole and to report on whether the
supplementary information is fairly stated, in all material respects, in relation to the basic financial
statements as a whole.
Our Responsibility in Relation to Government Auditing Standards
As communicated in our engagement letter, part of obtaining reasonable assurance about whether
the basic financial statements are free of material misstatement, we performed tests of the City's
compliance with certain provisions of laws, regulations, contracts, and grant agreements,
noncompliance with which could have a direct and material effect on the determination of basic
financial statement amounts. However, the objective of our tests was not to provide an opinion on
compliance with such provisions.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated
to you.
5
City of St. Joseph
Required Communication
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and our network firms have
complied with all relevant ethical requirements regarding independence.
Significant Risks
We addressed the following significant risks of material misstatement identified in our planning
procedures:
• Misappropriation of Assets and Segregation of Duties - If duties cannot be appropriately
segregated within the accounting and finance department, there is a risk of unauthorized
disbursements being made from the City and adjustments being made to the City's general
ledger. In addition, generally, this results in less review taking place as transactions are
recorded in the financial statements.
• Management Override of Internal Control - Management override of internal control is
considered a risk in substantially all engagements as management may be incentivized to
produce better results.
• Improper Revenue Recognition - Revenue recognition is considered a fraud risk on
substantially all engagements as it generally has a significant impact on the results of the
governments operations. In addition, complexities exist surrounding the calculation and
recording of various revenue sources.
• Pension Valuation – Net pension liability, deferred outflows of resources related to pensions,
and deferred inflows of resources related to pensions are generally material to the financial
statements and involve significant estimates.
• Lease Receivable and Deferred Inflows – The lease receivable and related deferred inflows are
material to the financial statements and involve significant estimates and judgements
determined by the City related to discount rate, lease term, and lease payments.
Qualitative Aspects of the City's Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of
the significant accounting policies adopted by the City is included in the notes to the basic financial
statements. There have been no initial selection of accounting policies and no changes to significant
accounting policies or their application during 2025. No matters have come to our attention that
would require us, under professional standards, to inform you about (1) the methods used to account
for significant unusual transactions and (2) the effect of significant accounting policies in
controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
6
City of St. Joseph
Required Communication
Qualitative Aspects of the City's Significant Accounting Practices (Continued)
Significant Accounting Estimates and Related Disclosures
Accounting estimates and related disclosures are an integral part of the basic financial statements
prepared by management and are based on management's current judgements. Those judgements
are normally based on knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their
significance to the basic financial statements and because of the possibility that future events
affecting them may differ markedly from management's current judgements. The most sensitive
estimates affecting the basic financial statements relate to:
Net Pension Liability, Deferred Outflows of Resources Related to Pensions and Deferred Inflows of
Resources Related to Pensions – These balances are based on an allocation by the pension plans
using estimates based on contributions.
Lease Liability and Right-to-Use Lease Assets – These balances are based on estimates and
judgments determined by the City related to the discount rate, lease term, and lease payments.
We evaluated the key factors and assumptions used to develop the accounting estimates and
determined that they are reasonable in relation to the basic financial statements taken as a whole
and in relation to the applicable opinion units.
Financial Statement Disclosures
Certain basic financial statement disclosures involve significant judgment and are particularly
sensitive because of their significance to financial statement users. The basic financial statement
disclosures are neutral, consistent, and clear.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance
of the audit.
Uncorrected and Corrected Misstatements
For the purposes of this communication, professional standards require us to accumulate all
known and likely misstatements identified during the audit, other than those that we believe are
trivial, and communicate them to the appropriate level of management. Further, professional
standards require us to also communicate the effects of uncorrected misstatements related to
prior periods on the relevant classes of transactions, account balances or disclosures, and the
basic financial statements taken as a whole and each applicable opinion unit.
The following bullet points summarize the uncorrected financial statement misstatement(s) whose
effects in the current and prior periods, as determined by management, are immaterial, both
individually and in the aggregate, to the financial statements taken as a whole and each applicable
opinion unit. Uncorrected misstatements or matters underlying those uncorrected misstatements
could potentially cause future-period financial statements to be materially misstated, even though
the uncorrected misstatements are immaterial to the financial statements currently under audit.
• Prepaid expenditures
• Lease liability and leased asset
• Pension in-kind revenue and expenditure
7
City of St. Joseph
Required Communication
Uncorrected and Corrected Misstatements (Continued)
• OPEB liability
• Inventory
• Depreciation expense
In addition, professional standards require us to communicate to you all material, corrected
misstatements that were brought to the attention of management as a result of our audit
procedures. None of the misstatements detected as a result of audit procedures and corrected by
management were material, either individually or in the aggregate, to the basic financial
statements taken as a whole.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a
matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting,
or auditing matter, which could be significant to the City's basic financial statements or the
auditor's report. No such disagreements arose during the course of our audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the
management representation letter.
Management's Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters. Management has informed us that, and to our knowledge, there were no
consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the City, we generally discuss a variety of
matters, including the application of accounting principles and auditing standards, significant events
or transactions that occurred during the year, operating and regulatory conditions affecting the City,
and operational plans and strategies that may affect the risks of material misstatement. None of the
matters discussed resulted in a condition to our retention as the City's auditor.
Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether
financial or non-financial, included in the City's annual reports, does not extend beyond the
information identified in the audit report, and we are not required to perform any procedures to
corroborate such other information.
We applied certain limited procedures to the RSI that supplements the basic financial statements.
Our procedures consisted of inquiries of management regarding 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 did not audit the RSI and do not express an opinion or provide any
assurance on the RSI.
8
City of St. Joseph
Required Communication
Other Information Included in Annual Reports (Continued)
With respect to the supplementary information accompanying the financial statements, we made
certain inquiries of management and evaluated the form, content and methods of preparing the
information to determine that the information complies with accounting principles generally
accepted in the United States of America, the method of preparing it has not changed from the
prior period, and the information is appropriate and complete in relation to our audit of the
financial statements. We compared and reconciled the supplementary information to the
underlying accounting records used to prepare the basic financial statements or to the basic
financial statements themselves.
Our responsibility also includes communicating to you any information which we believe is a material
misstatement of fact. Nothing came to our attention that caused us to believe that such information,
or its manner of presentation, is materially inconsistent with the information, or manner of its
presentation, appearing in the basic financial statements.
9
City of St. Joseph
Financial Analysis
The following pages provide graphic representation of select data pertaining to the financial position
and operations of the City for the past five years. Our analysis of each graph is presented to provide
a basis for discussion of past performance and how implementing certain changes may enhance
future performance. We suggest you view each graph and document if our analysis is consistent with
yours. A subsequent discussion of this information should be useful for planning purposes.
Tax Capacity, Levy, and Rates
The taxable tax capacity increased at a lower rate than the increase in the certified levy in 2025,
causing the tax rate to increase to 62.69%.
$5,538,243 $5,802,836
$6,674,317
$7,262,829 $7,791,602
$2,957,875
$3,279,949
$3,728,431
$4,097,169
$4,658,289 53.41%
56.52%55.86%56.41%
62.69%
97.74%97.96%99.55%98.49%99.79%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
2021 2022 2023 2024 2025
Tax Capacity, Levy, and Rates
Taxable Tax Capacity Certified Tax Levy Tax Rate Collection Rate
10
City of St. Joseph
Financial Analysis
General Fund
For the year ended December 31, 2025, General Fund revenues exceeded expenditures by $703. In
addition to this, the fund had transfers in of $12,866 from other funds, transfers out of $159,715 to
other funds, and sale of equipment of $29,065 resulting in a decrease in the General Fund balance of
$117,081. Of the City's General Fund balance at December 31, 2025, $1,512,057 was assigned for
specific expenditures, such as police forfeiture, severance pay and capital outlay reserves. The City
had $85,187 of its fund balance restricted for PEG access and public safety aid. The unassigned
portion of the fund balance, which includes monies set aside for working capital, totaled $3,445,677
and represents approximately 7 months of 2025 General Fund expenditures. The City's target General
Fund balance is to maintain working capital, a portion of the unassigned balance, in the amount of
four to six months of the next year's budgeted expenditures of the General Fund.
The graphs below and on the following page show the City's General Fund balance and the General
Fund revenues and expenditures for the last five years.
$2,082,669 $2,208,806 $2,155,118 $3,138,840 $3,445,677
$2,098,456 $1,779,231 $2,105,740 $1,840,752 $1,472,421
$328,899 $140,774 $85,187
$3,274 $17,500 $17,500
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2021 2022 2023 2024 2025
General Fund Balance
Unassigned Assigned for Fire Fund Assigned for Other Purposes Restricted Nonspendable
11
City of St. Joseph
Financial Analysis
General Fund (Continued)
2021 2022 2023 2024 2025
Total Revenues $4,283,181 $4,538,185 $5,582,386 $5,449,027 $5,851,007
Total Expenditures $3,676,354 $4,566,498 $5,160,200 $5,476,402 $5,850,304
Fund Balance 4,189,204 4,016,266 4,607,257 5,120,366 5,003,285
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
During the year ended December 31, 2025, the City's General Fund revenues increased $401,980, or
7.4%, from 2024, and expenditures increased by $373,902, or 6.8%. These changes in revenues and
expenditures will be discussed by source and function, respectively, on the following pages.
As discussed earlier, fund balance did decrease $117,081 from 2024 to 2025. Fund balance has
increased $814,081, or 19.4%, since 2021.
12
City of St. Joseph
Financial Analysis
General Fund Revenues
2021 2022 2023 2024 2025
Taxes 2,115,511$ 2,102,942$ 2,511,452$ 2,568,726$ 2,957,875$
Special assessments 57,840 4,891 31,864 59,979 52,727
Franchise fees 137,382 140,259 140,406 187,873 225,799
Licenses and permits 151,811 307,357 437,341 336,464 283,499
Intergovernmental 1,570,692 1,883,220 2,021,446 1,936,261 1,914,888
Charges for services 98,913 53,057 66,130 65,544 79,481
Fines and forfeitures 87,381 78,924 121,477 55,130 60,792
Miscellaneous 63,651 (32,465) 252,270 239,050 275,946
Total Revenues 4,283,181$ 4,538,185$ 5,582,386$ 5,449,027$ 5,851,007$
As discussed earlier, the City's revenue increased $401,980 from 2024 to 2025. Taxes revenues
accounted for the largest increase from the prior year with an increase of $389,149, or 15.1% due to
an increase in the levy. This was partially offset by a decrease of $52,965, or 15.7% in licenses and
permits revenue due to less permit activity in 2025. All other revenues remained consistent with the
prior year.
Total revenues have grown $1,567,826 since 2021, an increase of 36.6%. The largest variances
between the types of revenue over the five-year period have been the increases in property taxes,
franchise fees, licenses and permits, intergovernmental, and miscellaneous revenues. Other revenues
have stayed relatively consistent over that timeframe.
The pie charts on the following page show the General Fund sources of revenues for 2025 and 2024 as
a percentage of total revenues. The allocation of sources of revenue fluctuates minimally from year-
to-year. Intergovernmental revenue and taxes account for the two largest components of revenues,
making up 33% and 50% of the total in 2025, respectively. The total of these two categories accounts
for approximately 83% and 83% of General Fund revenues for 2025 and 2024, respectively.
13
City of St. Joseph
Financial Analysis
General Fund Revenues (Continued)
14
City of St. Joseph
Financial Analysis
General Fund Expenditures
2021 2022 2023 2024 2025
General government 997,357$ 1,078,866$ 1,200,119$ 1,275,664$ 1,282,427$
Public safety 1,657,557 1,701,616 2,023,784 2,219,673 2,330,404
Public works 443,748 716,500 745,955 693,138 741,345
Culture and recreation 362,548 574,640 733,263 714,445 539,980
Capital outlay 215,144 494,876 457,079 573,482 956,148
Total Expenditures 3,676,354$ 4,566,498$ 5,160,200$ 5,476,402$ 5,850,304$
As discussed earlier, General Fund expenditures increased $373,902, or 6.8%. The most significant
increases in expenditures were in public safety, public works, and capital outlay; while culture and
recreation decreased. Public safety expenditures increased by $110,731. This increase was primarily
due to the City hiring additional staff, increased benefit costs, and wage rate increases. Public works
expenditures increased by $48,207. This increase was primarily due to more ice and snow removal
needed during 2025. Capital outlay expenditures increased by $401,980 with additional capital
purchases in 2025, including the site for a future public safety facility. Culture and recreation
expenditures decreased due to the disc golf course project in 2024.
The pie charts on the following page show the General Fund expenditures by function for 2025 and
2024 as a percentage of total expenditures. The allocation of expenditures by function vary from
year to year. Public safety remains the largest component of General Fund expenditures,
representing 40% of total expenditures, down from 41% in 2024.
15
City of St. Joseph
Financial Analysis
General Fund Expenditures (Continued)
General
government
22%
Public safety
40%
Public works
13%
Culture and
recreation
9%
Capital outlay
16%
General
government
23%Public safety
41%
Public works
13%
Culture and
recreation
13%
Capital outlay
10%
16
City of St. Joseph
Financial Analysis
General Fund Budget
The table below illustrates the General Fund budget and actual for 2025 revenues and expenditures
by function.
Original
Actual
Amounts
Revenues
Taxes 2,962,824$ 2,957,875$ (4,949)$
Special assessments 5,500 52,727 47,227
Franchise fees 206,590 225,799 19,209
Licenses and permits 208,720 283,499 74,779
Intergovernmental 1,753,651 1,914,888 161,237
Charges for services 64,740 79,481 14,741
Fines and forfeitures 66,000 60,792 (5,208)
Miscellaneous 104,020 275,946 171,926
Total revenues 5,372,045 5,851,007 478,962
Expenditures
General government 1,307,825 1,282,427 (25,398)
Public safety 2,578,570 2,330,404 (248,166)
Public works 732,480 741,345 8,865
Culture and recreation 563,015 539,980 (23,035)
Capital outlay 392,769 956,148 563,379
Total expenditures 5,574,659 5,850,304 275,645
Excess of receipts over
(under) disbursements (202,614) 703 203,317
Other Financing Sources (Uses)
Sale of property 21,500 29,065 7,565
Transfers in 11,205 12,866 1,661
Transfers out (13,500) (159,715) (146,215)
Total other financing sources 19,205 (117,784) (136,989)
Net change in fund balance (183,409)$ (117,081)$ 66,328$
and Final
Budget
Variance
with Final
Budget -
Over (Under)
17
City of St. Joseph
Financial Analysis
General Fund Budget (Continued)
The City's had no updates to their original budget throughout the year. Budgeted revenues were $5.4
million, budgeted expenditures were $5.6 million, and other financing sources and uses of $19,205.
General Fund revenues were over budget by $478,962. Licenses and permits revenue were over
budget due to conservative budgeting. Intergovernmental revenue were over budget due to the city
receiving some grants that were not budgeted for as they were not known at the time of the budget.
The Miscellaneous revenue came in over budget due mostly to investment gains and interest revenue.
Other revenues were in line with the budget.
Total expenditures were over budget by $275,645. Capital outlay was over budget by $537,564 due to
not budgeting for the land purchase for future public safety facility. Public Safety was under budget
by $248,166 due to conservative budgeting and holding off on budgeted projects. Other areas were
consistent with budgeted amounts.
Enterprise Funds
Enterprise funds are used to account for operations financed and operated in a manner similar to
private business enterprises, where the City intends the cost of providing goods or services to the
public be financed or recovered primarily through user charges. The City's Enterprise Funds include
the Water, Sanitary Sewer, Refuse, Storm Water, and Street Light Utility Funds.
18
City of St. Joseph
Financial Analysis
Water Fund
2021 2022 2023 2024 2025
Operating Revenues $1,153,777 $1,162,651 $1,310,497 $1,174,066 $1,201,713
Operating Expenses 886,023 1,061,837 1,200,714 1,326,540 1,426,192
Operating Income (Loss) with
Depreciation 267,754 100,814 109,783 (152,474)(224,479)
Operating Income without Depreciation 727,537 556,443 564,695 313,429 248,059
$(250,000)
$-
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
Water Fund
The Water Fund showed an operating loss in 2025 and 2024 after having operating income in the
three previous years. Operating revenues increased $27,647, or 2.4%, from 2024 to 2025 due to an
increase in usage. Operating expenses increased $99,652, or 7.5%, from 2024 to 2025 due in part to
switching the mechanical read meters to cellular based meters.
Operations produced an operating loss of $224,479. With the exclusion of $472,538 in depreciation
expense, the Fund experienced operating income of $248,059. However, depreciation should be
considered as a true expense in operations, as most equipment and facilities will eventually need
upgrades or replacement. The operations of the Water Fund covered 53% of depreciation expense.
In addition to the operating revenues and expenses of the Water Fund, there were net non-operating
revenues of $104,374, which is primarily comprised of investment income, amortization of bond
premium, and other income offset by interest expenses. The operating and non-operating activities
along with capital contributions, and transfers resulted in a decrease in net position of $95,788,
resulting in a net position of $12,205,314 at December 31, 2025. The cash and investments balance
at December 31, 2025, totaled $976,853, a decrease of $480,461.
19
City of St. Joseph
Financial Analysis
Sanitary Sewer Fund
Operating revenues increased $62,394, or 4.0%, from 2024 to 2025, while operating expenses
increased $129,653, or 11.2%. Revenues increased due to an increase in rates. Expenses increased
due to increase in salaries and maintenance costs.
The Sewer Fund produced operating income for all five years presented. Due to the nature and cost
of the Sewer Fund's assets, it is difficult to establish sewer rates sufficient to cover replacement of
the assets represented by depreciation expense. Ideally, sewer revenues should cover all operating
expenses, including depreciation.
The graph below indicates the Sewer Fund did generate operating income and covered 100% of
depreciation each year presented.
In addition to the operating revenues and expenses of the Sewer Fund, there were net non-operating
revenues and expenses of $149,333, which is primarily comprised of investment income, amortization
of bond premium, and other income offset by interest expenses. Capital contributions and transfers
along with the operating and non-operating activities resulted in an increase in net position of
$489,245, resulting in a net position of $14,022,355 at December 31, 2025. The cash balance at
December 31, 2025, totaled $3,740,397, an increase of $366,897.
2021 2022 2023 2024 2025
Operating Revenues $1,395,818 $1,414,646 $1,448,954 $1,564,643 $1,627,037
Operating Expenses 1,133,200 1,131,199 1,130,094 1,154,605 1,284,258
Operating Income with Depreciation 262,618 283,447 318,860 410,038 342,779
Operating Income without Depreciation 814,306 833,803 879,788 940,226 863,221
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
Sanitary Sewer Fund
20
City of St. Joseph
Financial Analysis
Refuse Fund
The following graph displays selected financial data for the Refuse Fund for the past five years. The
Fund showed operating income for the third consecutive year. Operating revenues increased $9,209,
or 1.8%, while operating expenses increased $25,852, or 5.2%, from 2024 to 2025. The increase in
revenues was due in part to an increase in rates in 2025. Expenses increased due to increased fees
from the waste collection company. These changes resulted in an operating revenue of $4,151 for
2025. The Fund produced an operating income of $7,277 when depreciation is not considered, thus,
the fund is covering all of depreciation expense for 2025.
In addition to the operating activities of the fund, there were non-operating revenues of $12,144
which are mostly comprised of investment income. Transfers along with operating and non-operating
activities resulted in an increase in net position of $41,000, resulting in a net position of $333,825 at
December 31, 2025. The cash balance increased $44,514 in 2025 and totaled $283,440 at
December 31, 2025.
2021 2022 2023 2024 2025
Operating Revenues $359,675 $385,244 $432,256 $519,726 $528,935
Operating Expenses 368,772 391,013 407,822 498,932 524,784
Operating Income (Loss) with Depreciation (9,097)(5,769)24,434 20,794 4,151
Operating Income (Loss) without
Depreciation (8,982)(5,654)26,626 23,992 7,277
$(50,000)
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
Refuse Fund
21
City of St. Joseph
Financial Analysis
Storm Water Fund
The Storm Water Fund showed operating losses in four of the five years presented with the current
year generating an operating loss. Operating revenues increased $976, or 0.4%, from 2024 to 2025.
Operating expenses increased $33,566, or 14.7%. This increase is due to increased salaries and
benefits and professional service costs.
The Storm Water Fund produced an operating loss of $40,356 with depreciation and an operating
income of $132,146 without depreciation expense. The operations of the Storm Water Fund did not
cover depreciation expense in 2025. The Storm Water Fund also had net nonoperating revenues of
$36,837, and transfers out totaling $18,855. Fund activity resulted in a decrease in net position of
$22,374. The cash balance increased $162,228 in 2025 and totaled $824,947 at December 31, 2025.
We recommend the City continue to monitor rates as well as operating expenses to ensure the Fund's
profitability in the future.
2021 2022 2023 2024 2025
Operating Revenues $184,603 $269,615 $217,500 $219,866 $220,842
Operating Expenses 216,472 215,283 244,682 227,632 261,198
Operating Income (Loss) with
Depreciation (31,869)54,332 (27,182)(7,766)(40,356)
Operating Income without
Depreciation 123,629 209,829 139,550 158,856 132,145
$(50,000)
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Storm Water Fund
22
City of St. Joseph
Financial Analysis
Street Light Utility
The Street Light Utility Fund was opened during 2013 to track activity relating to the street light
utility. The Street Light Utility Fund showed an operating income for the fifth year in a row.
Operating revenues stayed consistent with the prior year, increasing only $638 from 2024 to 2025.
Operating expenses increased $9,085 due to increase in public utility rates.
The Street Light Utility Fund produced operating income of $11,436. The fund also reported non-
operating revenues including investment income and special assessments totaling $7,131. Operating
income along with non-operating revenues and expenses resulted in an increase in net position of
$17,617. The cash balance increased $10,104 in 2025 and totaled $154,752 at December 31, 2025.
2021 2022 2023 2024 2025
Operating Revenues $85,201 $85,720 $87,097 $88,300 $88,938
Operating Expenses 67,231 69,142 76,093 68,417 77,502
Operating Income 17,970 16,578 11,004 19,883 11,436
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
Street Light Utility
23
City of St. Joseph
Emerging Issues
Executive Summary
The following is an executive summary of financial related updates to assist you in staying current on
emerging issues in accounting and finance. This summary will give you a preview of the new
standards that have been recently issued and what is on the horizon for the near future. The most
recent and significant updates include:
• Accounting Standard Update – GASB Statement No. 103 – Financial Reporting Model
Improvements
GASB has issued GASB Statement No. 103 relating to changes in financial reporting
requirements. The changes provide clarity, enhance the relevance of information, provide
more useful information for decision-making, and provide for greater comparability amongst
government entities.
• Accounting Standard Update – GASB Statement No. 104 – Disclosure of Certain Capital
Assets
GASB has issued GASB Statement No. 104 relating to capital asset disclosures. The disclosures
required by this Statement provide users of the financial statements with essential
information about certain types of capital assets.
The following are extensive summaries of the current updates. As your continued business partner,
we are committed to keeping you informed of new and emerging issues. We are happy to discuss
these issues with you further and their applicability to your City.
24
City of St. Joseph
Emerging Issues
Accounting Standard Update – GASB Statement No. 103 – Financial Reporting Model
Improvements
The objective of this Statement is to improve key components of the financial reporting model to
enhance its effectiveness in providing information that is essential for decision making and assessing
a government's accountability. This Statement also addresses certain application issues.
This Statement addresses 5 areas of the financial statements (1) Management's Discussion and
Analysis (MD&A), (2) Unusual or Infrequent Items, (3) Presentation of the Proprietary Fund Statement
of Revenues, Expenses, and Changes in Fund Net Position, (4) Major Component Unit Information,
and (5) Budgetary Comparison Information.
This Statement continues the requirement that the MD&A precede the basic financial statements as
part of the Required Supplementary Information (RSI). This Statement requires that the information
presented in MD&A be limited to the related topics discussed in five sections: (1) Overview of the
Financial Statements, (2) Financial Summary, (3) Detailed Analyses, (4) Significant Capital Asset and
Long-Term Financing Activity, and (5) Currently Known Facts, Decisions, or Conditions. The
Statement stresses that detailed analyses should explain why balances and results of operations
changed, rather than stating amounts and "boilerplate" discussions.
This Statement describes unusual or infrequent items as transactions and other events that are either
unusual in nature or infrequent in occurrence. Furthermore, governments are required to display the
inflows and outflows related to each unusual or infrequent item separately as the last presented
flow(s) of resources prior to the net change in resource flows in the government-wide, governmental
fund, and proprietary fund statements of resource flows.
This Statement requires that the proprietary fund statement of revenues, expenses, and changes in
fund net position continue to distinguish between operating and nonoperating revenues and
expenses. The Statement provides clarification regarding operating and nonoperating revenues and
expenses. Also, this Statement requires that a subtotal for operating income (loss) and noncapital
subsidies be presented before reporting other nonoperating revenues and expenses.
This Statement requires governments to present each major component unit separately in the
reporting entity's statement of net position and statement of activities if it does not reduce the
readability of the statements. If the readability of those statements would be reduced, combining
statements of major component units should be presented after the fund financial statements.
This Statement requires governments to present budgetary comparison information using a single
method of communication - RSI. Governments also are required to present (1) variances between
original and final budget amounts and (2) variances between final budget and actual amounts. An
explanation of significant variances is required to be presented in notes to RSI.
GASB Statement No. 103 is effective for fiscal years beginning after June 15, 2025. Earlier
application is encouraged.
Information provided above was obtained from www.gasb.org.
25
City of St. Joseph
Emerging Issues
Accounting Standard Update – GASB Statement No. 104 – Disclosure of Certain Capital Assets
The objective of this Statement is to provide users of government financial statements with essential
information about certain types of capital assets.
This Statement requires certain types of capital assets continue to be disclosed separately in the
capital assets note disclosures including presentation of capital assets by major class and separate
disclosure of lease assets, subscription assets, and intangible right-to-use assets.
This Statement requires additional disclosures for capital assets held for sale. A capital asset is held
for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is
probable that the sale will be finalized within one year of the financial statement date.
Governments should disclose (1) the ending balance of capital assets held for sale, with separate
disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the
carrying amount of debt for which the capital assets held for sale are pledged as collateral for each
major class of asset.
GASB Statement No. 104 is effective for fiscal years beginning after June 15, 2025. Earlier
application is encouraged.
Information provided above was obtained from www.gasb.org.
City of St. Joseph
Stearns County, Minnesota
Basic Financial Statements
December 31, 2025
City of St. Joseph
Table of Contents
Elected Officials and Administration 1
Independent Auditor's Report 3
Management's Discussion and Analysis 7
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position 16
Statement of Activities 19
Fund Financial Statements
Balance Sheet – Governmental Funds 20
Reconciliation of the Balance Sheet to the Statement of Net Position
– Governmental Funds 23
Statement of Revenues, Expenditures, and Changes in Fund Balances
– Governmental Funds 24
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Statement of Activities – Governmental Funds 26
Statement of Revenues, Expenditures, and Changes in Fund Balance
– Budget and Actual – General Fund 27
Statement of Net Positions – Proprietary Funds 28
Reconciliation of the Statement of Net Positions – Business-Type Activities 29
Statement of Revenues, Expenses, and Changes in Fund Net Position
– Proprietary Funds 30
Reconciliation of the Statement of Revenues, Expenses, and Changes in
Fund Net Position – Business-Type Activities 33
Statement of Cash Flows – Proprietary Funds 34
Notes to Basic Financial Statements 37
Required Supplementary Information
Schedule of City's Proportionate Share of Net Pension Liability
- General Employees Retirement Fund 78
Schedule of City's Proportionate Share of Net Pension Liability
- Public Employees Police and Fire Retirement Fund 78
Schedule of City Contributions - General Employees Retirement Fund 79
Schedule of City Contributions - Public Employees Police and Fire
Retirement Fund 79
Schedule of Changes in the Net Pension Liability and Related Ratios
– Fire Relief Association 80
Schedule of City Contributions and Non-Employer Contributing Entities
– Fire Relief Association 82
Notes to Required Supplementary Information 84
Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance
– Budget and Actual – General Fund 94
Combining Balance Sheet – Nonmajor Governmental Funds 96
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances - Nonmajor Governmental Funds 102
City of St. Joseph
Table of Contents
Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards 111
Minnesota Legal Compliance 113
Schedule of Finding and Response on Internal Control 114
1
City of St. Joseph
Elected Officials and Administration
December 31, 2025
Elected Officials Position Term Expires
Adam Scepaniak Mayor January 2027
Adam Schnettler Council Member January 2029
Kelly Beniek Council Member January 2029
Andrew Mooney Council Member January 2027
Kevin Kluesner Council Member January 2027
Administration
David Murphy City Administrator Appointed
Lori Bartlett Finance Director Appointed
2
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3
Independent Auditor's Report
Honorable Mayor and Members
of the City Council
City of St. Joseph
St. Joseph, Minnesota
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of City of St. JosephCity
of St. Joseph, as of and for the year ended December 31, 2025, and the related notes to the basic
financial statements, which collectively comprise City of St. Joseph's City of St. Josephbasic financial
statements as listed in the Table of Contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of City of St. JosephCity of St. Joseph, as of
December 31, 2025, and the respective changes in financial position and, where applicable, cash
flows thereof and the budgetary comparison for the General Fund for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America (GAAS) and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities
under those standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are required to be independent of City of St. Joseph
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.
Responsibilities of Management for the Financial Statements
The City of St. Joseph's 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.
JosephCity of St. Joseph'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.
4
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and
Government Auditing Standards will always detect a material misstatement when it exists. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood
that, individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of City of St. Joseph's internal control. Accordingly, no such
opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of
the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about City of St. Joseph'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, which follows this report letter, and Required Supplementary
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 (GASB) 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.
5
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of St. Joseph's basic financial statements. The accompanying
supplementary information identified in the Table of Contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to
the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the accompanying supplementary information is fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
May 4, 2026, on our consideration of the City of St. Joseph'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 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. Joseph's internal control over financial reporting and
compliance.
St. Cloud, Minnesota
May 4, 2026
6
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7
City of St. Joseph
Management's Discussion and Analysis
MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
This section provides an overview and analysis of the financial activities of the City of St. Joseph for
the fiscal year ended December 31, 2025. It is intended to assist readers in understanding the City's
financial position and results of operations and should be read in conjunction with the accompanying
financial statements and notes.
COMMUNITY AND FINANCIAL HIGHLIGHTS
The City serves an estimated population of 7,169 residents across approximately 2,289 households.
Total net position increased by $3.7 million in 2025, driven primarily by governmental activities
supported by stable property tax collections and intergovernmental revenues, including Minnesota
Local Government Aid (LGA).
The General Fund reported an increase in fund balance of $29,768 before transfers, with an
additional $450,000 committed for future projects. This reflects the City's conservative budgeting
practices and controlled expenditures.
Public safety and general government remain the largest General Fund expenditures.
Enterprise funds—including water, sewer, refuse, storm water, and street lighting—continued to
operate on a self-supporting basis, with user charges structured to recover operating costs and
support capital improvements.
OVERVIEW OF THE FINANCIAL STATEMENTS
This report includes government-wide financial statements, fund financial statements, and notes to
the financial statements. Government-wide statements provide a long-term perspective of the City's
financial position, while fund statements focus on short-term operations. The notes provide
additional detail necessary for a full understanding of the financial data.
The government-wide statements include both governmental activities and business-type activities.
The tables on the following two pages present a summary of the government-wide activities and
provide a comparison to the prior year. Additional details regarding the government-wide financial
statements can be found on pages 16–19. Further analysis and discussion are provided throughout the
remaining sections of the Management's Discussion and Analysis.
8
City of St. Joseph
Management's Discussion and Analysis
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Current Year Prior Year
Assets
Current assets $ 24,533,862 $ 23,507,171
Capital assets (net of accumulated depreciation) 22,502,888 20,228,797
Deferred outflows of resources 1,435,023 1,853,535
Total assets and deferred outflows of resources $ 48,471,773 $ 45,589,503
Liabilities
Total current liabilities $565,385 $392,797
Total long-term liabilities 22,286,774 22,219,404
Total deferred inflows of resources 1,955,639 2,201,613
Total liabilities and deferred inflows of resources $ 24,807,798 $ 24,813,814
Net Position
Net investment in capital assets $10,493,790 $9,065,672
Restricted net position 11,359,590 10,324,473
Unrestricted net position 1,810,595 1,385,544
Total net position $ 23,663,975 $ 20,775,689
Current Year Prior Year
Revenues
Program revenue – charges for services $ 695,519 $ 742,931
Program revenue – operating grants and contributions 236,860 330,788
Program revenue – capital grants and contribution 2,119,361 1,703,669
General revenue – taxes and franchise fees 5,749,796 5,119,453
General revenue – state aids 1,512,832 1,545,272
General revenue – unrestricted investment earnings 942,269 907,517
Gain on disposal of assets 18,827 52,804
Transfers (26,350) 2,495
Total revenues $ 11,249,114 $ 10,404,929
Expenses
General government $ 1,429,412 $ 1,473,900
Public safety 3,075,451 2,929,038
Public works 1,527,992 1,932,425
Economic development 355,276 318,448
Culture and recreation 1,370,914 773,081
Interest on long-term debt 601,783 572,818
Total expenses $ 8,360,828 $ 7,999,710
Change in net position $ 2,888,286 $ 2,405,219
Net position - beginning 20,775,689 18,370,470
Net position - ending $ 23,663,975 $ 20,775,689
Governmental Activities – Statement of Activities
Governmental Activities – Statement of Net Position
9
City of St. Joseph
Management's Discussion and Analysis
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Current Year Prior Year
Assets
Current assets $ 7,765,696 $ 7,012,339
Capital assets (net of accumulated depreciation) 30,994,238 30,954,216
Deferred outflows of resources 67,333 60,909
Total assets and deferred outflows of resources $ 38,827,267 $ 38,027,464
Liabilities
Total current liabilities $ 287,479 $ 259,324
Total long-term liabilities 5,031,467 5,073,526
Total deferred inflows of resources 172,958 192,948
Total liabilities and deferred inflows of resources $ 5,491,904 $ 5,525,798
Net Position
Net investment in capital assets $ 26,329,593 $ 26,218,216
Unrestricted net position 7,005,770 6,283,450
Total net position $ 33,335,363 $ 32,501,666
Current Year Prior Year
Revenues
Program revenue – charges for services $ 4,097,442 $ 3,795,352
Program revenue – operating grants and contributions 912 7,292
Program revenue – capital grants and contribution 1,780 212
General revenue – taxes 5 4
General revenue – unrestricted investment earnings 310,978 237,363
Gain on disposal of assets - 806,873
Transfers 26,350 (2,495)
Total revenues $ 4,437,467 $ 4,844,601
Expenses
Water $ 1,430,156 $ 1,343,333
Sanitary sewer 1,310,130 1,206,960
Refuse 524,784 498,932
Storm water 261,198 227,632
Street light utility 77,502 68,417
Total expenses $ 3,603,770 $ 3,345,274
Change in net position $ 833,697 $ 1,499,327
Net position - beginning 32,501,666 31,002,339
Net position - ending $ 33,335,363 $ 32,501,666
Business-Type Activities – Statement of Net Position
Business-Type Activities – Statement of Activities
FINANCIAL ANALYSIS
Governmental revenues increased by 6% compared to the prior year, primarily due to growth in
property tax collections and intergovernmental revenues. The City continues to rely on a balanced
mix of property taxes and state aid to fund core services.
10
City of St. Joseph
Management's Discussion and Analysis
OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
While Minnesota does not currently impose levy limits, the City remains committed to maintaining
property tax levels that are reasonable and comparable to surrounding communities. Despite this
approach, the City continues to experience strong tax base growth. Net tax capacity increased by
7.4% for taxes payable in 2025 and 9.4% for taxes payable in 2026. An additional 14.6% increase is
anticipated for taxes payable in 2027 as current development projects are completed, supporting
long-term financial stability.
Expenses increased by 24%, driven by higher public safety costs, street maintenance, and inflationary
pressures. In 2025, the City acquired a vacant former Casey's convenience store property for future
use as a public safety facility. Public safety expenditures also increased with the addition of an
eighth patrol officer to improve scheduling coverage.
Infrastructure investments included two roundabouts constructed in partnership with Stearns County
and the extension of Elm Street East to improve connectivity for local businesses.
Business-type activities remained stable, with utility revenues generally keeping pace with operating
expenses, including depreciation. Operating revenues covered at least 50% of depreciation in the
water and storm water funds and 100% in other enterprise funds. The City continues to evaluate
utility rate structures to ensure long-term sustainability and adequate funding for infrastructure
maintenance and replacement.
The City continues to transition water meters from a mechanical-read system to a cellular-read
system to improve efficiency and accuracy in utility billing operations. Each year, a group of
customers is selected for conversion. Approximately 500 meters were converted in 2025, and 2026 is
expected to be the final year of the project, with approximately 480 meters remaining for
installation. The remaining meters were ordered in 2025 and are reflected in the year-end water
inventory balance.
The Sewer Fund maintains a strong cash balance of approximately $3.74 million. Of this amount, the
City Council has committed $1.4 million received from the City of Foley for future lift station
improvements and utility service expansion related to new development. The City of St. Joseph has
requested State capital bonding funds for Phase II infrastructure improvements within the Northland
Business Center industrial park. If funding is awarded, a portion of the committed funds may be used
toward related infrastructure costs. Staff are also working with developers regarding future single-
family housing expansion areas, and a portion of the committed funds may be used to support lift
station infrastructure needed for those developments.
GENERAL FUND BUDGETARY HIGHLIGHTS
Actual revenues exceeded budget by $478,962, primarily due to stronger-than-anticipated
development activity and construction-related revenues, as well as receipt of a $95,000 grant for a
flashing pedestrian crossing at Lanigan Way. Interest earnings exceeded budget by $155,085 due to
favorable market valuation adjustments.
11
City of St. Joseph
Management's Discussion and Analysis
GENERAL FUND BUDGETARY HIGHLIGHTS (CONTINUED)
("Other Revenues" includes special assessments, fines, investment income, donations, other)
Expenditures exceeded budget by $275,645, largely due to planned capital spending. The City follows
a five-year capital outlay plan, which results in fluctuations between under- and over-budget years
depending on the timing of purchases. Notable 2025 expenditures included parking lot improvements
and pickleball court installation at Millstream Park, acquisition of the former Casey's property, and
installation of the Lanigan Way pedestrian crossing.
Additional overages occurred in sealcoating and crack filling as part of the City's pavement
maintenance plan. Project timing varies by year, with some years requiring more extensive street
work than others; however, the budget maintains a consistent annual funding level to avoid
significant fluctuations in the property tax levy. Building inspection services and engineering costs
also exceeded budget, both of which vary with the level of development activity.
2,962,074
2,957,833
1,753,651
1,914,888
208,720
283,499
206,590
225,799
64,740
79,481
176,270
389,507
Original
and Final
Budget
Actual
General Fund Revenues -Budget to
Actual (2025)
Other Revenues Charges for Services Franchise Fees
12
City of St. Joseph
Management's Discussion and Analysis
CAPITAL ASSETS AND DEBT ADMINISTRATION
The City continued to invest in infrastructure and community amenities in 2025. Projects included
street overlay maintenance, the Elm Street extension, and trail improvements.
Transportation improvements included roundabouts at CSAH 133 and CSAH 2, managed by Stearns
County with shared funding from the County, City, and federal sources. Recreational investments
included pickleball courts at Millstream Park and Phase I of Rivers Bend Park.
Additional details regarding capital asset activity can be found in Note 5 of the basic financial
statements.
To finance these projects, the City issued 2025A General Obligation Bonds and General Obligation
Equipment Certificates.
The City participates in a regional wastewater system operated by the City of St. Cloud. In 2024,
construction began on the Metro Forcemain project, funded through a Minnesota Public Facilities
Authority (PFA) loan at an interest rate of 1.88%. In 2025, St. Joseph's share of the loan increased by
just over $1 million.
In early 2026, the City completed the defeasance of its 2019A General Obligation Improvement Bonds
related to the industrial park. This early payoff generated excess funds, which will be reinvested into
new development infrastructure to support future housing and industrial development projects.
Outstanding debt increased because of the new issuances but remains within manageable levels
consistent with the City's long-term financial planning. See Note 6 in the basic financial statements
for further details on long-term debt.
ECONOMIC DEVELOPMENT AND GROWTH
The City continues to experience steady residential and commercial growth. In 2025, development
included two multi-family apartment buildings and 14 single-family homes.
Industrial and commercial activity remained strong in the Northland Business Center, which is nearing
full build-out in Phase I. Additions in 2025 included Premier Stone, expansion of TB Investments
manufacturing facilities, and Floor to Ceiling. Hansen & Company woodworking is under construction
and expected to be operational in summer 2026.
Development activity has continued into 2026, including permits for a new monastery for the Sisters
of St. Benedict and JoeTown Apartments Building #2. The City is also working with developers to
expand single-family housing availability.
To support future growth, the City has requested State bonding funds to extend infrastructure for
Northland Business Center Phase II. The request has been heard by legislative committees, and the
City will continue pursuing grant funding opportunities.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The City adopted a balanced 2026 budget with a stable tax rate. Revenue projections continue to
rely on property taxes and Minnesota Local Government Aid (LGA), while expenditures reflect
inflationary pressures and legislative constraints.
13
City of St. Joseph
Management's Discussion and Analysis
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The City will continue to monitor economic conditions, infrastructure needs, and state and federal
funding to maintain long-term fiscal stability.
Fundraising efforts for a proposed community center in partnership with the YMCA were discontinued
after falling short of targets. The City Council formally terminated the project on January 5, 2026.
This decision is not expected to have a material impact on the City's financial position.
14
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15
BASIC FINANCIAL STATEMENTS
See notes to basic financial statements. 16
Governmental
Activities
Business-Type
Activities Total
Assets
Cash and investments (including cash equivalents)20,201,032$ 6,767,225$ 26,968,257$
Property tax receivable 28,077 1 28,078
Accounts receivable 55,102 581,377 636,479
Interest receivable 120,869 40,172 161,041
Due from other governments 1,971,479 11,112 1,982,591
Notes receivable 15,582 - 15,582
Lease receivable 6,286 56,574 62,860
Special assessments receivable
Delinquent 1,164 868 2,032
Deferred 1,818,607 31,139 1,849,746
Inventories - 277,228 277,228
Net pension asset 315,664 - 315,664
Capital assets not being depreciated
Land 762,197 377,882 1,140,079
Easements 562,128 67,915 630,043
Construction in progress 3,408,965 1,921,536 5,330,501
Capital assets being depreciated
Buildings 7,421,043 8,797,686 16,218,729
Infrastructure 29,931,182 - 29,931,182
Improvements 2,927,657 315,193 3,242,850
Intangible asset 200,000 - 200,000
Plant and lines - 28,895,938 28,895,938
Machinery and equipment 6,599,969 1,456,726 8,056,695
Sewer rights - 9,180,410 9,180,410
Less accumulated depreciation (29,310,253) (20,019,048) (49,329,301)
Capital assets (net of accumulated depreciation)22,502,888 30,994,238 53,497,126
Total assets 47,036,750 38,759,934 85,796,684
Deferred Outflows of Resources
Deferred outflows of resources related to pensions 1,435,023 67,333 1,502,356
Total assets and deferred outflows of resources 48,471,773$ 38,827,267$ 87,299,040$
City of St. Joseph
Statement of Net Position
December 31, 2025
See notes to basic financial statements. 17
Governmental
Activities
Business-Type
Activities Total
Liabilities
Accounts payable 137,337$ 48,459$ 185,796$
Contracts payable 130,265 - 130,265
Due to other governments 9,455 193,066 202,521
Salaries and benefits payable 202,591 17,238 219,829
Interest payable 74,737 28,716 103,453
Unearned revenue 11,000 - 11,000
Bond principal payable (net)
Payable within one year 2,153,000 250,000 2,403,000
Payable after one year 18,188,831 761,436 18,950,267
Notes payable (net)
Payable within one year - 443,494 443,494
Payable after one year - 3,209,715 3,209,715
Compensated absences payable
Payable within one year 239,478 49,144 288,622
Payable after one year 394,867 136,018 530,885
Net pension liability 1,310,598 181,660 1,492,258
Total liabilities 22,852,159 5,318,946 28,171,105
Deferred Inflows of Resources
Deferred inflows of resources related to pensions 1,945,349 113,656 2,059,005
Deferred inflows of resources related to debt 4,004 2,728 6,732
Deferred inflows of resources related to leases 6,286 56,574 62,860
Total deferred inflows of resources 1,955,639 172,958 2,128,597
Net Position
Net investment in capital assets 10,493,790 26,329,593 34,891,432
Restricted for
Debt service 5,745,746 - 5,745,746
Other purposes 5,613,844 - 5,613,844
Unrestricted 1,810,595 7,005,770 10,748,316
Total net position 23,663,975 33,335,363 56,999,338
Total liabilities, deferred inflows of resources,
and net position 48,471,773$ 38,827,267$ 87,299,040$
City of St. Joseph
Statement of Net Position
December 31, 2025
18
(THIS PAGE LEFT BLANK INTENTIONALLY)
See notes to basic financial statements. 19
Program Revenues
Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Governmental
Activities
Business-Type
Activities Total
Governmental activities
General government 1,429,412$ 133,891$ 4,917$ -$ (1,290,604)$ -$ (1,290,604)$
Public safety 3,075,451 462,324 229,398 - (2,383,729) - (2,383,729)
Public works 1,527,992 44,093 - 1,186,617 (297,282) - (297,282)
Economic development 355,276 11,483 - - (343,793) - (343,793)
Culture and recreation 1,370,914 43,728 2,545 932,744 (391,897) - (391,897)
Interest on long-term debt 601,783 - - - (601,783) - (601,783)
Total governmental activities 8,360,828 695,519 236,860 2,119,361 (5,309,088) - (5,309,088)
Business-type activities
Water 1,430,156 1,424,016 212 1,780 - (4,148) (4,148)
Sanitary sewer 1,310,130 1,832,691 408 - - 522,969 522,969
Refuse 524,784 528,935 209 - - 4,360 4,360
Storm water 261,198 222,862 62 - - (38,274) (38,274)
Street light utility 77,502 88,938 21 - - 11,457 11,457
Total business-type activities 3,603,770 4,097,442 912 1,780 - 496,364 496,364
Total governmental and
business-type activities 11,964,598$ 4,792,961$ 237,772$ 2,121,141$ (5,309,088) 496,364 (4,812,724)
General revenues
Property taxes 4,660,489 5 4,660,494
Tax increments 175,910 - 175,910
Sales taxes 672,738 - 672,738
Lodging taxes 14,860 - 14,860
Franchise fees 225,799 - 225,799
State aids 1,512,832 - 1,512,832
Unrestricted investment earnings 942,269 310,978 1,253,247
Gain on sale of assets 18,827 - 18,827
Transfers (26,350) 26,350 -
Total general revenues and transfers 8,197,374 337,333 8,534,707
Change in net position 2,888,286 833,697 3,721,983
Net position - beginning 20,775,689 32,501,666 53,277,355
Net position - ending 23,663,975$ 33,335,363$ 56,999,338$
Functions/Programs
City of St. Joseph
Statement of Activities
Year Ended December 31, 2025
and Changes in Net Position
Net (Expense) Revenue
See notes to basic financial statements. 20
Debt Service
General Fund
(101-110)
G.O.
Improvement
Bonds of
2016B (304)
Community
Center/YMCA
(402)
2025 Street
Improvement
Project (420)
Assets
Cash and investments 5,154,004$ 161,493$ 6,487,874$ 464,932$
Taxes receivable - delinquent 18,780 28 - -
Special assessments receivable
Delinquent - - - -
Deferred 152,597 511,739 - -
Accounts receivable 45,707 - - -
Interest receivable 26,531 1,150 37,575 -
Due from other funds - - - -
Due from other governments 1,333,203 35 - -
Notes receivable - - - -
Lease receivable 6,286 - - -
Total assets 6,737,108$ 674,445$ 6,525,449$ 464,932$
Liabilities
Accounts payable 103,534$ -$ 10,695$ 5,409$
Contracts payable 16,284 - - 64,241
Due to other funds - - - -
Due to other governments 9,455 - - -
Salaries and benefits payable 101,180 - - -
Unearned revenue 11,000 - - -
Total liabilities 241,453 - 10,695 69,650
Deferred Inflows of Resources
Unavailable revenue - property taxes 18,780 28 - -
Unavailable revenue - special assessments 152,597 511,739 - -
Unavailable revenue - state shared taxes 1,314,707 - - -
Unavailable revenue - lease receivable 6,286 - - -
Total deferred inflows of resources 1,492,370 511,767 - -
Fund Balances
Restricted 85,187 162,678 6,514,754 -
Committed - - - -
Assigned 1,472,421 - - 395,282
Unassigned 3,445,677 - - -
Total fund balances 5,003,285 162,678 6,514,754 395,282
Total liabilities, deferred inflows
of resources, and fund balances 6,737,108$ 674,445$ 6,525,449$ 464,932$
Capital Projects
City of St. Joseph
Balance Sheet - Governmental Funds
December 31, 2025
21
Other
Governmental
Funds
Total
Governmental
Funds
8,719,565$ 20,987,868$
9,269 28,077
1,164 1,164
1,154,271 1,818,607
9,395 55,102
55,613 120,869
- -
638,241 1,971,479
15,582 15,582
- 6,286
10,603,100$ 25,005,034$
17,699$ 137,337$
49,740 130,265
- -
- 9,455
101,411 202,591
- 11,000
168,850 490,648
9,269 28,077
1,155,435 1,819,771
- 1,314,707
- 6,286
1,164,704 3,168,841
7,431,422 14,194,041
791,237 791,237
1,046,887 2,914,590
- 3,445,677
9,269,546 21,345,545
10,603,100$ 25,005,034$
22
(THIS PAGE LEFT BLANK INTENTIONALLY)
See notes to basic financial statements. 23
City of St. Joseph
Reconciliation of the Balance Sheet to
the Statement of Net Position - Governmental Funds
Total fund balances - governmental funds 21,345,545$
Capital assets used in governmental activities are not current financial resources and, therefore,
are not reported as assets in governmental funds:
Cost of capital assets 51,813,141
Less accumulated depreciation/amortization (29,310,253)
Long-term liabilities, including bonds payable, are not due and payable in the current period and,
therefore, are not reported as liabilities in the funds. Long-term liabilities at year-end consist of:
Bond principal payable, net of premiums and discounts (20,341,831)
Deferred charges on refunding (4,004)
Compensated absences payable (634,345)
Net pension liability (1,310,598)
Delinquent receivables will be collected in subsequent years, but are not available soon enough
to pay for the current period's expenditures and, therefore, are deferred in the funds:
Property taxes 28,077
Special assessments 1,164
Other long-term assets are not available to pay for current expenditures and, therefore, are deferred
in the funds:
Deferred special assessments 1,818,607
MSA Receivable 1,314,707
Deferred outflows of resources and deferred inflows of resources are created as a result of various
differences related to pensions that are not recognized in the governmental funds:
Deferred inflows of resources related to pensions (1,945,349)
Deferred outflows of resources related to pensions 1,435,023
Net pension assets created through non-employer contributions to defined benefit pension plans
are not recognized in the governmental funds:
Fire relief net pension asset 315,664
The water access capital project fund is proprietary in nature and, therefore, included in the
business-type activities in the Statement of Net Position. (514,841)
The sewer access capital project fund is proprietary in nature and, therefore, included in the
business-type activities in the Statement of Net Position. (271,995)
Governmental funds do not report a liability for accrued interest due and payable. (74,737)
23,663,975$
Amounts reported for governmental activities in the Statement of Net Position are different because:
Total net position - governmental activities
Year Ended December 31, 2025
See notes to basic financial statements. 24
Debt Service
General Fund
(101-110)
G.O.
Improvement
Bonds of 2016B
(304)
Community
Center/YMCA
(402)
2025 Street
Improvement
Project (420)
Revenues
Property taxes 2,957,833$ 4,992$ -$ -$
Tax increments - - - -
Sales taxes 42 - - -
Lodging taxes - - -
Miscellaneous taxes - - -
Special assessments 52,727 22,344 - 194,860
Franchise fees 225,799 - - -
Licenses and permits 283,499 - - -
Intergovernmental 1,914,888 - - -
Charges for services 79,481 - - -
Fines and forfeitures 60,792 - - -
Miscellaneous
Investment income 205,085 16,134 262,193 -
Contributions and donations 5,045 - 314,100 -
Revolving loan repayments - - - -
Other 65,816 - - -
Total revenues 5,851,007 43,470 576,293 194,860
Expenditures
Current
General government 1,282,427 - - -
Public safety 2,330,404 - - -
Public works 741,345 - - -
Culture and recreation 539,980 - 111,950 -
Economic development - - - -
Debt service
Principal - 50,000 - -
Interest and other charges - 9,920 - -
Capital outlay
General government 14,798 - - -
Public safety 637,101 - - -
Public works 191,716 - - 1,757,176
Culture and recreation 112,533 - 1,131 -
Economic development - - - -
Total expenditures 5,850,304 59,920 113,081 1,757,176
Excess of revenues over
(under) expenditures 703 (16,450) 463,212 (1,562,316)
Other Financing Sources (Uses)
Sale of property 29,065 - - -
Bonds issued - - - 1,735,000
Bond premium - - - 123,098
Transfers in 12,866 5,000 - 99,500
Transfers out (159,715) - - -
Total other financing sources (uses) (117,784) 5,000 - 1,957,598
Net change in fund balances (117,081) (11,450) 463,212 395,282
Fund Balances
Beginning of year 5,120,366 174,128 6,051,542 -
End of year 5,003,285$ 162,678$ 6,514,754$ 395,282$
Capital Projects
City of St. Joseph
Statement of Revenues, Expenditures, and
Changes in Fund Balances - Governmental Funds
Year Ended December 31, 2025
25
Other
Governmental
Funds
Total
Governmental
Funds
1,685,981$ 4,648,806$
175,910 175,910
672,696 672,738
14,860 14,860
- -
420,874 690,805
- 225,799
- 283,499
533,542 2,448,430
618,052 697,533
- 60,792
452,483 935,895
32,165 351,310
663 663
3,951 69,767
4,611,177 11,276,807
- 1,282,427
374,377 2,704,781
- 741,345
1,492 653,422
357,111 357,111
1,888,000 1,938,000
751,338 761,258
17,273 32,071
137,873 774,974
770,848 2,719,740
653,483 767,147
1,063 1,063
4,952,858 12,733,339
(341,681) (1,456,532)
- 29,065
410,000 2,145,000
90,294 213,392
932,839 1,050,205
(896,840) (1,056,555)
536,293 2,381,107
194,612 924,575
9,074,934 20,420,970
9,269,546$ 21,345,545$
See notes to basic financial statements. 26
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances to the Statement
Total net change in fund balances - governmental funds 924,575$
Amounts reported for governmental activities in the Statement of Activities are different because:
Capital outlays are reported in governmental funds as expenditures. However, in the Statement
of Activities, the cost of those assets is allocated over the estimated useful lives as depreciation
expense:
Capital outlays 3,808,162
Depreciation expense (1,503,833)
Disposal of capital assets (10,238)
Transferred to proprietary funds (20,000)
Principal payments on long-term debt are recognized as expenditures in the governmental funds
but as an increase in net position in the Statement of Activities. 1,938,000
Some expenses reported in the Statement of Activities do not require the use of current financial
resources and, therefore, are not reported as expenditures in governmental funds:
Accrued interest payable (29,201)
Amortization of bond discounts, premiums and deferred charges 188,676
Proceeds from long-term debt are recognized as an other financing source in the governmental
funds but as a decrease in net position in the Statement of Activities. (2,145,000)
The governmental funds report the effect of premiums, discounts and similar items when debt
is first issued, whereas these amounts are deferred and amortized in the Statement of Activities. (213,392)
Compensated absence payments are recognized as paid in the governmental funds but recognized
as the expense is incurred in the Statement of Activities. (44,712)
Delinquent receivables will be collected in subsequent years, but are not available soon enough to
pay for the current period's expenditures and, therefore, are not revenues in the funds:
Delinquent special assessments 769
Delinquent property taxes 11,683
Certain revenues in the Statement of Activities that do not provide current financial resources are
not reported as revenues in the funds:
Deferred special assessments 19,183
MSA receivable 333,130
Governmental funds recognized pension contributions as expenditures at the time of payment
whereas the Statement of Activities factors in items related to pensions on a full accrual perspective:
Pension expense 34,481
The water access capital project fund is proprietary in nature and, therefore, is reported with
business-type activities. (199,150)
The sewer access capital project fund is proprietary in nature and, therefore, is reported with
business-type activities. (204,847)
Change in net position - governmental activities 2,888,286$
of Activities - Governmental Funds
City of St. Joseph
Year Ended December 31, 2025
See notes to basic financial statements. 27
Original and
Final
Budget
Actual
Amounts
Revenues
Property taxes 2,962,074$ 2,957,833$ (4,241)$
Sales taxes - 42 42
Miscellaneous taxes 750 - (750)
Special assessments 5,500 52,727 47,227
Franchise fees 206,590 225,799 19,209
Licenses and permits 208,720 283,499 74,779
Intergovernmental 1,753,651 1,914,888 161,237
Charges for services 64,740 79,481 14,741
Fines and forfeitures 66,000 60,792 (5,208)
Miscellaneous revenues
Investment income 50,000 205,085 155,085
Contributions and donations 3,650 5,045 1,395
Other 50,370 65,816 15,446
Total revenues 5,372,045 5,851,007 478,962
Expenditures
Current
General government 1,307,825 1,282,427 (25,398)
Public safety 2,578,570 2,330,404 (248,166)
Public works 732,480 741,345 8,865
Culture and recreation 563,015 539,980 (23,035)
Capital outlay
General government 24,000 14,798 (9,202)
Public safety 49,235 637,101 587,866
Public works 275,317 191,716 (83,601)
Culture and recreation 44,217 112,533 68,316
Total expenditures 5,574,659 5,850,304 275,645
Excess of revenues over
(under) expenditures (202,614) 703 203,317
Other Financing Sources (Uses)
Sale of property 21,500 29,065 7,565
Transfers in 11,205 12,866 1,661
Transfers out (13,500) (159,715) (146,215)
Total other financing sources (uses)19,205 (117,784) (136,989)
Net change in fund balances (183,409)$ (117,081) 66,328$
Fund Balances
Beginning of year 5,120,366
End of year 5,003,285$
Variance with
Final Budget -
Over (Under)
City of St. Joesph
Statement of Revenues, Expenditures, and
Changes in Fund Balance -
Budget and Actual - General Fund
Year Ended December 31, 2025
See notes to basic financial statements. 28
Water (601)
Sanitary Sewer
(602)Refuse (603)
Storm Water
(651)
Street Light
Utility (652)Total
Assets
Current assets
Cash and investments 976,853$ 3,740,397$ 283,440$ 824,947$ 154,752$ 5,980,389$
Taxes receivable - delinquent 1 - - - - 1
Special assessments receivable
Delinquent 317 340 159 37 15 868
Deferred 27,934 596 105 2,468 36 31,139
Accounts receivable 168,728 272,366 89,402 36,219 14,662 581,377
Interest receivable 10,746 22,476 1,542 4,490 918 40,172
Due from other governments - 11,112 - - - 11,112
Lease receivable 56,574 - - - - 56,574
Inventory 277,228 - - - - 277,228
Total current assets 1,518,381 4,047,287 374,648 868,161 170,383 6,978,860
Noncurrent assets
Capital assets
Land 372,941 4,941 - - - 377,882
Easements - - - 67,915 - 67,915
Construction in progress 39,226 1,882,310 - - - 1,921,536
Buildings 7,502,432 1,295,254 - - - 8,797,686
Improvements 315,193 - - - - 315,193
Plants and lines 11,624,003 9,940,908 - 7,331,027 - 28,895,938
Machinery and equipment 381,803 830,975 67,849 172,099 4,000 1,456,726
Sewer rights - 9,180,410 - - - 9,180,410
Total capital assets 20,235,598 23,134,798 67,849 7,571,041 4,000 51,013,286
Less accumulated depreciation (8,714,760) (8,665,234) (54,129) (2,584,354) (571) (20,019,048)
Net capital assets 11,520,838 14,469,564 13,720 4,986,687 3,429 30,994,238
Total noncurrent assets 11,520,838 14,469,564 13,720 4,986,687 2,858 30,994,238
Total assets 13,039,219 18,516,851 388,368 5,854,848 173,812 37,973,098
Deferred Outflows of Resources
Deferred outflows of resources related to pensions 27,522 27,522 2,747 8,442 1,100 67,333
Total assets and deferred outflows of resources 13,066,741$ 18,544,373$ 391,115$ 5,863,290$ 174,912$ 38,040,431$
Liabilities
Current liabilities
Accounts payable 1,837$ 6,542$ 37,820$ 283$ 1,977$ 48,459$
Due to other governments 1,739 185,301 6,026 - - 193,066
Salaries and benefits payable 8,078 6,615 657 1,220 668 17,238
Interest payable 844 27,872 - - - 28,716
Long-term liabilities due
Within one year 137,949 601,443 739 2,138 369 742,638
Total current liabilities 150,447 827,773 45,242 3,641 3,014 1,030,117
Noncurrent liabilities
Compensated absences 89,627 89,627 739 4,800 369 185,162
Notes payable, net - 3,653,209 - - - 3,653,209
Bonds payable, net 580,264 431,172 - - - 1,011,436
Net pension liability 74,252 74,252 7,411 22,777 2,968 181,660
Less amounts due within one year (137,949) (601,443) (739) (2,138) (369) (742,638)
Total noncurrent liabilities 606,194 3,646,817 7,411 25,439 2,968 4,288,829
Total liabilities 756,641 4,474,590 52,653 29,080 5,982 5,318,946
Deferred Inflows of Resources
Deferred inflows of resources related to pensions 46,456 46,456 4,637 14,250 1,857 113,656
Deferred inflows of resources related to leases 56,574 - - - - 56,574
Deferred inflows of resources related to debt 1,756 972 - - - 2,728
Total deferred inflows 104,786 47,428 4,637 14,250 1,857 172,958
Net Position
Net investment in capital assets 10,940,574 10,385,183 13,720 4,986,687 3,429 26,329,593
Unrestricted 1,264,740 3,637,172 320,105 833,273 163,644 6,218,934
Total net position 12,205,314 14,022,355 333,825 5,819,960 167,073 32,548,527
Total liabilities, deferred inflows of resources,
13,066,741$ 18,544,373$ 391,115$ 5,863,290$ 174,912$ 38,040,431$ and net position
City of St. Joseph
Statement of Net Positions - Proprietary Funds
December 31, 2025
See notes to basic financial statements. 29
City of St. Joseph
Reconciliation of the Statement
of Net Positions - Business-Type Activities
December 31, 2025
Total net position - proprietary funds 32,548,527$
Amounts reported for business-type activities in the Statement of Net Position are different because:
The water access capital project fund is proprietary in nature and relates to water improvements
for the applicable funds. Therefore, it is included as a business-type activity. 514,841
The sewer access capital project fund is proprietary in nature and relates to sewer improvements
for the applicable funds. Therefore, it is included as a business-type activity. 271,995
33,335,363$ Total
See notes to basic financial statements. 30
Water (601)
Sanitary Sewer
(602)Refuse (603)
Storm Water
(651)
Operating Revenues
Charges for services 1,201,713$ 1,627,037$ 528,935$ 220,842$
Operating Expenses
Wages and salaries 299,790 232,686 28,596 56,031
Materials and supplies 300,619 32,441 4,186 3,038
Repairs and maintenance 100,899 61,448 1,180 17,590
Professional services 119,854 21,390 3,778 6,625
Insurance 26,054 12,299 - -
Utilities 94,270 23,782 - 1,039
Depreciation 472,538 520,442 3,126 172,501
Contracted services - 375,719 482,534 -
Equipment - 1,361 - 2,035
Miscellaneous 12,168 2,690 1,384 2,339
Total operating expenses 1,426,192 1,284,258 524,784 261,198
Operating income (loss)(224,479) 342,779 4,151 (40,356)
Nonoperating Revenues
(Expenses)
Investment income 83,188 173,990 11,935 34,755
Special assessments 1,992 408 209 62
Property taxes 5 - - -
Interest expense (35,806) (37,720) - -
Amortization of bond premium 31,842 11,848 - -
Other income 23,153 807 - 2,020
Total nonoperating revenues
(expenses)104,374 149,333 12,144 36,837
Income (loss) before capital
contributions and transfers (120,105) 492,112 16,295 (3,519)
Capital contributions 10,000 10,000 - -
Transfers in 21,182 16,183 24,850 -
Transfers out (6,865) (29,050) (145) (18,855)
Change in net position (95,788) 489,245 41,000 (22,374)
Net Position
Beginning of year 12,301,102 13,533,110 292,825 5,842,334
End of year 12,205,314$ 14,022,355$ 333,825$ 5,819,960$
City of St. Joseph
Statement of Revenues, Expenses, and Changes
in Fund Net Position - Proprietary Funds
Year Ended December 31, 2025
31
Street Light
Utility (652)Total
88,938$ 3,667,465$
17,707 634,810
2,971 343,255
18 181,135
1,261 152,908
- 38,353
54,808 173,899
571 1,169,178
- 858,253
- 3,396
166 18,747
77,502 3,573,934
11,436 93,531
7,110 310,978
21 2,692
- 5
- (73,526)
- 43,690
- 25,980
7,131 309,819
18,567 403,350
- 20,000
- 62,215
(950) (55,865)
17,617 429,700
149,456 32,118,827
167,073$ 32,548,527$
32
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See notes to basic financial statements. 33
City of St. Joseph
Reconciliation of the Statement of Revenues, Expenses,
and Changes in Fund Net Position - Business-Type Activities
Total net change in fund net position - proprietary funds 429,700$
Amounts reported for business-type activities in the Statement of Activities are different
because:
Recognized current year activity from the water access capital project fund with the
business-type activities. 199,150
Recognized current year activity from the sewer access capital project fund with the
business-type activities. 204,847
Capital contributions from governmental activities.(20,000)
Transfers in of capital assets from governmental activities.20,000
Change in net position - business-type activities 833,697$
Year Ended December 31, 2025
See notes to basic financial statements. 34
Water (601)
Sanitary Sewer
(602)Refuse (603)
Storm Water
(651)
Cash Flows - Operating Activities
Receipts from customers and users 1,202,930$ 1,605,511$ 527,515$ 221,171$
Payments to suppliers (900,388) (499,283) (491,291) (32,962)
Payments to employees (291,621) (219,417) (27,845) (43,993)
Other miscellaneous receipts 23,523 1,028 313 3,820
Net cash flows - operating activities 34,444 887,839 8,692 148,036
Cash Flows - Noncapital Financing
Activities
Transfer from other funds 21,182 16,183 24,850 -
Transfer to other funds (6,865) (29,050) (145) (18,855)
Net cash flows - noncapital financing
Activities 14,317 (12,867) 24,705 (18,855)
Cash Flows - Capital and Related
Financing Activities
Principal paid on debt (555,000) 518,139 - -
Interest paid on debt (36,746) (33,100) - -
Acquisition of capital assets (21,298) (1,163,052) (425) (425)
Net cash flows - capital and related
Financing activities (613,044) (678,013) (425) (425)
Cash Flows - Investing Activities
Interest and dividends received 83,822 169,938 11,542 33,472
Net change in cash and cash equivalents (480,461) 366,897 44,514 162,228
Cash and Cash Equivalents
Beginning of year 1,457,314 3,373,500 238,926 662,719
End of year 976,853$ 3,740,397$ 283,440$ 824,947$
Reconciliation of Operating
Income (Loss) to Net Cash Flows -
Operating Activities
Operating income (loss)(224,479)$ 342,779$ 4,151$ (40,356)$
Adjustments to reconcile operating income (loss)
to net cash flows - operating activities
Depreciation expense 472,538 520,442 3,126 172,501
Pension expense 857 6,060 953 11,022
Other miscellaneous receipts 23,523 1,028 313 3,820
Accounts receivable 1,217 (10,414) (1,420) 329
Inventory (237,823) - - -
Accounts payable (9,047) 784 1,598 (296)
Due to other governmental units 346 31,063 173 -
Salaries payable 1,438 1,335 89 340
Compensated absences payable 5,874 5,874 (291) 676
Total adjustments 258,923 545,060 4,541 188,392
Net cash flows - operating activities 34,444$ 887,839$ 8,692$ 148,036$
Non-Cash Capital and Financing Activities
Capital asset contributions from
governmental funds 10,000$ 10,000$ -$ -$
City of St. Joseph
Statement of Cash Flows - Proprietary Funds
Year Ended December 31, 2025
35
Street Light
Utility (652)Total
88,984$ 3,646,111$
(62,208) (1,986,132)
(18,670) (601,546)
7 28,691
8,113 1,087,124
- 62,215
(950) (55,865)
(950) 6,350
- (36,861)
- (69,846)
(4,000) (1,189,200)
(4,000) (1,295,907)
6,941 305,715
10,104 103,282
144,648 5,877,107
154,752$ 5,980,389$
11,436$ 93,531$
571 1,169,178
(453) 18,439
7 28,691
46 (10,242)
- (237,823)
(2,984) (9,945)
- 31,582
(364) 2,838
(146) 11,987
(3,323) 993,593
8,113$ 1,087,124$
-$ 20,000$
36
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City of St. Joseph
Notes to Basic Financial Statements
37
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of St. Joseph (the "City") is a statutory city governed by an elected mayor and four council
members. The accompanying financial statements present the government entities for which the
government is financially accountable.
The financial statements present the City and its component units. The City includes all funds,
account groups, organizations, institutions, agencies, departments, and offices that are not legally
separate from such. Component units are legally separate organizations for which the elected
officials of the City are financially accountable and are included within the basic financial
statements of the City because of the significance of their operational or financial relationships with
the City.
The City is considered financially accountable for a component unit if it appoints a voting majority of
the organization's governing body and it is able to impose its will on the organization by significantly
influencing the programs, projects, activities, or level of services performed or provided by the
organization, or there is a potential for the organization to provide specific financial benefits to or
impose specific financial burdens on, the City.
As a result of applying the component unit definition criteria above, certain organizations have been
defined and are presented in this report as follows:
Blended Component Unit – Reported as if they were part of the City.
Joint Ventures – The relationship of the City with the entity is disclosed.
For each of the categories above, the specific entities are identified as follows:
1. Blended Component Unit
The St. Joseph Economic Development Authority (EDA) was organized for the purpose of
preserving and creating jobs, enhancing the tax base, and promoting the general welfare of the
people of the City. The St. Joseph EDA is governed by a five-member board appointed by the City
Council, two members of which are City Council Members. The St. Joseph EDA is included as a
blended component unit of the City because the St. Joseph EDA is financially accountable to the
City, as the City Council approves the budget. The St. Joseph EDA provides services almost
entirely for the City. The St. Joseph EDA is presented as the Economic Development Authority
Special Revenue Fund. Separate financial statements are not prepared for the St. Joseph EDA.
2. Joint Ventures
The Central Minnesota Major Crime Investigation Unit is a group of local law enforcement officers
within the four county surrounding areas that will be available to assist any of the participating
entities in the investigation and solution of major crimes. During 2025, the City contributed
$17,943 to the organization. It is reported as a special revenue fund of the City of Sartell.
Complete financial statements can be obtained from: City of Sartell, 125 Pine Cone Road North,
Sartell, Minnesota 56377.
City of St. Joseph
Notes to Basic Financial Statements
38
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 activities of the City. 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 segment is offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Interest on general long-term debt is considered an
indirect expense and is reported separately in the Statement of Activities. 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 segment and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes and other items not properly included among program revenues are reported
instead as general revenues. Internally dedicated revenues are reported as general revenues rather
than program revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate
columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as
they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the City considers revenues to be available if they are collected within 60
days of the end of the current 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, franchise taxes, licenses, and interest associated with the current period are all
considered to be susceptible to accrual and so have been recognized as revenues of the current
period. Only the portion of special assessments receivable due within the current 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.
City of St. Joseph
Notes to Basic Financial Statements
39
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
Description of Funds:
Major Governmental Funds:
General Fund – This fund is the City's primary operating fund. It accounts for all financial resources
of the general City, except those required to be accounted for in another fund.
G.O. Improvement Bonds of 2016B – This fund accounts for the payments made on principal and
interest on bonds issued in relation to the 2016B G.O. Improvement Bonds.
Community Center/YMCA – This fund accounts for costs associated with the St. Joseph
Community Center/YMCA construction.
2025 Street Improvement Project – This fund accounts for costs associated with the St. Joseph
2025 Street Improvement construction.
Proprietary Funds:
Water Fund – This fund accounts for the operations of the City's water utility.
Sanitary Sewer Fund – This fund accounts for the operations of the City's sanitary sewer utility.
Refuse Fund – This fund accounts for the operations of the City's refuse and compost utility.
Storm Water Fund – This fund accounts for the operations of the City's storm water utility.
Street Light Utility Fund – This fund accounts for the operations of the City's street light utility.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are charges between the City's water, sanitary
sewer, refuse, storm water, and street light utility functions and various other functions 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 Water, Sanitary Sewer, Refuse, Storm Water, and Street Light Utility 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.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, then unrestricted resources as they are needed.
City of St. Joseph
Notes to Basic Financial Statements
40
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
1. Deposits and Investments
Cash and investments include balances from all funds that are combined and invested to the
extent available in various securities as authorized by state law. Earnings from the pooled
investments are allocated to the individual funds based on the average of month-end cash and
investment balances.
The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and
short-term investments with original maturities of three months or less from the date of
acquisition.
Minnesota Statutes § 118A outlines types of investments allowed, which authorizes the City to
invest in obligations of the U.S. Treasury, agencies, and instrumentalities, shares of investment
companies whose only investments are in the aforementioned securities, obligations of the State
of Minnesota or its municipalities, bankers' acceptances, future contracts, repurchase and reverse
repurchase agreements, and commercial paper of the highest quality with a maturity of no longer
than 270 days and in the Minnesota Municipal Investment Pool.
Certain investments for the City are reported at fair value as disclosed in Note 2. 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. Level 1 inputs are quoted prices in active markets for identical assets;
Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable
inputs.
In accordance with GASB Statement No. 79, the Minnesota Municipal Investment Pool securities
are valued at amortized cost, which approximates fair value. There are no restrictions or
limitations on withdrawals from the 4M Liquid Asset Fund. Investments in the 4M Plus must be
deposited for a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period
will be subject to a penalty equal to 7 days interest on the amount withdrawn.
2. Receivables and Payables
All trade and property tax receivables are shown at a gross amount since both are assessable to
the property taxes and are collectible upon the sale of the property.
The City levies its property tax for the subsequent year during the month of December.
December 28 is the last day the City can certify a tax levy to the County Auditor for collection
the following year. Such taxes become a lien on January 1 and are recorded as receivables by the
City at that date. The property tax is recorded as revenue when it becomes measurable and
available. Stearns County is the collecting agency for the levy and remits the collections to the
City four times a year. The tax levy notice is mailed in March with the first half of the payment
due on May 15 and the second half due on October 15. Taxes not collected as of December 31,
each year are shown as delinquent taxes receivable.
City of St. Joseph
Notes to Basic Financial Statements
41
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
(Continued)
2. Receivables and Payables (Continued)
The County Auditor prepares the tax list for all taxable property in the City, applying the
applicable tax rate to the tax capacity of individual properties, to arrive at the actual tax for
each property. The County Auditor also collects all special assessments, except for certain
prepayments paid directly to the City.
The County Auditor submits the list of taxes and special assessments to be collected on each
parcel of property to the County Treasurer in January of each year.
3. Inventory and 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 recorded as expenditures at the time of consumption. Inventory is valued at cost using the
first in, first out (FIFO) method.
4. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
sidewalks, and similar items), 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 $10,000, $25,000 for infrastructure,
and an estimated useful life in excess of three years. 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.
Property, plant, and equipment of the City are depreciated using the straight-line full year
convention method over the following estimated useful lives:
Land improvements 5 - 20
Buildings 30 - 40
Building improvements 15
Infrastructure 10 - 50
Sewer rights 20 - 50
Furniture and fixtures 5 - 10
Vehicles 5 - 20
Equipment 3 - 7
Machinery 5 - 7
YearsAssets
City of St. Joseph
Notes to Basic Financial Statements
42
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
(Continued)
5. Lease Receivable
The City is a lessor for numerous noncancellable leases. The City recognizes a lease receivable
and a deferred inflow of resources in the government-wide and governmental fund financial
statements.
At the commencement of a lease, the City measures the lease receivable at the present value of
payments expected to be received during the lease term. Subsequently, the lease receivable is
reduced by the principal portion of lease payments received. The deferred inflow of resources is
initially measured as the initial amount of the lease receivable, adjusted for lease payments
received at or before the lease commencement date.
Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease
term in a systematic and rational manner.
Key estimates and judgments include how the City determines (1) the discount rate, (2) lease
term, (3) lease receipts, and (4) amortization.
The City determines the discount rate for leases based on the applicable State and Local
Government Securities (SLGS) rate. The lease term includes the noncancellable period of the
lease. Lease receipts included in the measurement of the lease receivable is composed of fixed
payments from the lessee.
6. Deferred Outflows/ Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section
for deferred outflows of resources. This separate financial statement element 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 that time. The City presents deferred outflows
of resources on the Statements of Net Position for deferred outflows of resources related to
pensions for various estimate differences that will be amortized and recognized over future
years.
In addition to liabilities, the statement of financial position and fund financial statements will
sometimes report 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 City has four items
that qualify for reporting in this category. The City presents deferred inflows of resources on the
Governmental Fund Balance Sheet as unavailable revenue. The governmental funds report
unavailable revenues from four sources: property taxes, special assessments, lease receivable,
and state shared taxes. These amounts are deferred and recognized as an inflow of resources in
the period that the amounts become available. The City presents deferred inflows of resources
on the Statements of Net Position for deferred inflows of resources related to pensions for
various estimate differences that will be amortized and recognized over future years. The City
presents deferred inflows of resources on the Statements of Net Position for the deferred charge
on refunding. A deferred charge on refunding results from the difference in the carrying value of
refunded debt and reacquisition price. Deferred inflows of resources related to lease receivable
is reported in both the government-wide Statement of Net Position and the Governmental Funds
Balance Sheet.
City of St. Joseph
Notes to Basic Financial Statements
43
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
(Continued)
7. Compensated Absences
The City compensates employees who leave City service in good standing for all earned, unused
vacation. Employees can accrue up to 200 hours of vacation depending on years of service. The
maximum amount of carryover from year-to-year is 100 hours or the amount of the current
vacation accrual rate. In addition, employees are compensated for unused sick leave (up to a
maximum of 720 hours or 960 hours for LELS and AFSCME employees) at various rates depending
on the employee type and years of service, provided the City's notice of termination policy has
been complied with.
The liability for compensated absences reported in the Statement of Net Position consists of
leave that has not been used that is attributable to services already rendered, accumulates, and
is more likely than not to be used for time off or otherwise paid in cash and settled through
noncash means. The liability also includes amounts for leave that has been used for time off but
has not yet been paid in cash or settled through noncash means and certain other types of leave.
8. Long-Term Obligations
In the government-wide financial statements and proprietary fund types 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 fund type Statement
of Net Position. Bond premiums and discounts are deferred and amortized over the life of the
bonds using the effective interest method.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, 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.
Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as
debt service expenditures.
9. Pensions
For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and
pension expense, information about the fiduciary net position of the Public Employees
Retirement Association (PERA) and the relief association and additions to/deductions from PERA's
and the relief association's fiduciary net position have been determined on the same basis as they
are reported by PERA and the relief association except that 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.
City of St. Joseph
Notes to Basic Financial Statements
44
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
(Continued)
10. Fund Equity
a) Classification
In the fund financial statements, governmental funds report fund classifications that comprise
a Hierarchy based primarily on the extent to which the City is bond to honor constraints on
the specific purpose for which amounts in those funds can be spent.
Nonspendable Fund Balances – These are amounts that cannot be spent because they are
not in spendable form as they are legally or contractually required to be maintained intact
and include amounts set aside for prepaid items.
Restricted Fund Balances – These are amounts that are restricted to specific purposes
either by a) constraints placed on the use of resources by creditors, grantors,
contributors, or laws or regulations of other governments, or b) imposed by law through
enabling legislation.
Committed Fund Balances – These are amounts that can only be used for specific purposes
pursuant to constraints imposed by the City Council (highest level of decision making
authority) through resolution. The City Council must also pass a resolution to remove the
constraint of committed resources.
Assigned Fund Balances – These are amounts that are constrained by the City's intent to be
used for specific purposes but are neither restricted nor committed. Assignments are
made by the City's Finance Director based on the City Council's direction.
Unassigned Fund Balances – These are residual amounts in the General Fund not reported
in any other classification. The General Fund is the only fund that can report a positive
unassigned fund balance. Other funds would report a negative unassigned fund balance
should the total of nonspendable, restricted, committed, and assigned fund balances
exceed the total net resources of that fund.
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, and unassigned resources are available for use, it is the City's policy to
use resources in the following order: committed, assigned, and unassigned.
b) Minimum Fund Balance
The City's target General Fund balance is to maintain working capital, a portion of the
unassigned balance, in the amount of four to six months of the next year's budgeted
expenditures of the General Fund.
City of St. Joseph
Notes to Basic Financial Statements
45
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Assets, Liabilities, Deferred Outflows/ Inflows of Resources, and Net Position or Equity
(Continued)
11. Net Position
Net position represents the difference between assets, deferred outflows of resources, liabilities,
and deferred inflows of resources in the government-wide financial statements. Net investment
in capital assets consists of capital assets, net of accumulated depreciation, reduced by the
outstanding balance of any long-term debt used to build or acquire the capital assets. A
reclassification of $1,931,951 between this net position class and unrestricted net position in the
total column of the Statement of Net Position to recognize the portion of debt attributable to
capital assets donated from governmental activities to business-type activities. Net position is
reported as restricted in the government-wide financial statement when there are limitations on
use through external restrictions imposed by creditors, grantors, or laws or regulations of other
governments. The restricted for other purposes restriction of net position for governmental
activities of $5,613,844 includes $10,178 PEG Access Fees, $99,761 for tax increment financing,
$2,004,436 in state collected sales tax restricted by enabling legislation, $42,488 restricted for
lodging tax, $461,698 in park dedication fees, $2,350 restricted by donors for future projects,
Community Center construction $765,300, $61,483 DEED Funds, $15,417 in revolving loan funds
restricted for EDA projects, $761,017 restricted for fire service, $ 1,314,707 for unused MSA funds
and $75,009 for unused public safety aid funds.
12. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements. Estimates also affect the
reported amounts of revenues and expenditures/expenses during the reporting period. Actual
results could differ from those estimates.
E. Budgetary Information
1. In August of each year, City staff submits to the City Council, a proposed operating budget for
the year commencing the following January 1. The operating budget includes proposed
expenditures and the means of financing them for the upcoming year.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted through passage of a resolution after obtaining taxpayer
comments.
4. Budgets are adopted on a basis consistent with accounting principles generally accepted in
the United States of America.
5. Expenditures may not legally exceed budgeted appropriations at the department level. No
fund's budget can be increased without City Council approval. The City Council may authorize
transfer of budgeted amounts between departments within any fund. Management may
amend budgets within a department level, so long as the total department budget is not
changed.
City of St. Joseph
Notes to Basic Financial Statements
46
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Budgetary Information (Continued)
6. Annual appropriated budgets are adopted during the year for the General Fund and the
Economic Development Authority, State Collected Sales Tax, Park Dedication, and Fire special
revenue funds and debt service funds. Budgetary control for the remaining special revenue
fund is done through the use of project controls when the council authorizes the project.
Budgetary control for Capital Projects Funds is accomplished through the use of project
controls and formal appropriated budgets are not adopted.
7. Budgeted amounts are as originally adopted by the City Council. Budgeted expenditure
appropriations lapse at year-end.
Encumbrances outstanding at year-end expire and outstanding purchase orders are canceled and not
reported in the financial statements.
NOTE 2 – DEPOSITS AND INVESTMENTS
Cash balances of the City's funds are combined (pooled) and invested to the extent available in
various investments authorized by Minnesota Statutes. Each fund's portion of this pool (or pools) is
displayed in the financial statements as "cash and cash equivalents" or "investments." For purposes of
identifying risk of investing public funds, the balances and related restrictions are summarized as
follows.
A. Deposits
Custodial Credit Risk – Deposits: This is the risk that in the event of a bank failure, the City's
deposits may not be returned to it. The City has a policy that requires the City's deposits be
collateralized as required by Minnesota Statutes for an amount exceeding FDIC, SAIF, BIF, or FCUA
coverage. As of December 31, 2025, the City's bank balance was not exposed to custodial credit risk
because it was fully insured through the FDIC or NCUA and fully collateralized with securities held by
the pledging financial institutions trust department or agent and in the City's name. As of
December 31, 2025, the City's deposits had a carrying value as shown as follows:
Certificates of deposits 9,633,218$
Checking (27,893)
Savings 3,250,261
Total 12,855,586$
City of St. Joseph
Notes to Basic Financial Statements
47
NOTE 2 – DEPOSITS AND INVESTMENTS (CONTINUED)
B. Investments
As of December 31, 2025, the City had the following investments:
Weighted
Fair Average Moody's
Value Maturity (Years)Rating
Brokered Money Market 1,402,185$ N/A N/A
Municipal Bonds 8,734,412 2.5 A
Government Bond Securities 1,767,058 0.8 AA+
4M Funds 2,208,816 N/A N/A
Total 14,112,471$
Investment Type
Credit Risk: Credit risk is the risk that an issuer or other counterparty to an investment will not
fulfill its obligations. Minnesota Statutes §§ 118A.04 and 118A.05 limit investments based on rating
level and investment type. The City's investment policy limits the allowable investments in
accordance with these statutes. As of December 31, 2025, the City's investments were rated as listed
in the table above.
Interest Rate Risk: The City should try to minimize the risk that arises from over investing in specific
instruments, individual financial institutions, or maturities. The City's investment policy states the
investment portfolio will be structured so that securities mature to meet cash flow requirements and
avoiding the need to sell securities prior to maturity, investing in short-term securities, investing in
long-term securities if the market rate is favorable.
Concentration of Credit Risk: Investments should be diversified to avoid incurring unreasonable risks
inherent in over investing in specific instruments, individual financial institutions, or maturities. The
City's investment policy states the City will attempt to diversify its investments according to type,
issuer, and maturity. The portfolio, as much as possible, will contain both short-term and long-term
investments. The City will attempt to match its investments with anticipated cash flow
requirements. Extended maturities may be utilized to take advantage of higher yields. No more than
20% of the total investments should extend beyond five years and the weighted average maturity of
the portfolio shall never exceed five years. As of December 31, 2025, the City's investment in Federal
Home Loan Bank (6%) exceed 5% of the investment portfolio.
Custodial Credit Risk – Investments: This is the risk that in the event of the failure of the
counterparty, the City will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. The City's investment policy addresses this risk and
states the City will permit investments only to the extent that there is Securities Investor Protection
Corporation (SIPC) and excess SIPC coverage available.
The City has the following recurring fair value measurements as of December 31, 2025:
• $1,402,186 of investments are valued using a quoted market price (Level 1 inputs)
• $10,501,470 of investments are valued using a matrix pricing model (Level 2 inputs)
City of St. Joseph
Notes to Basic Financial Statements
48
NOTE 2 – DEPOSITS AND INVESTMENTS (CONTINUED)
C. Deposits and Investments
The following is a summary of deposits and investments as of December 31, 2025:
Deposits (Note 3.A.)12,855,586$
Investments (Note 3.B.)14,112,471
Petty cash 200
Total 26,968,257$
Deposits and investments are presented in the December 31, 2025, basic financial statements as
follows:
Statement of Net Position
Cash and investments 26,968,257$
Total deposits and investments 26,968,257$
NOTE 3 – LEASE RECEIVABLE
The City has a Site lease agreement with Verizon Wireless for certain real property located at 3563
County Road 136, in the City of St. Joseph. This lease was originally entered into on June 12, 2009,
with the currently signed amendment extension term ending January 31, 2029. Total rent income
earned from this lease was $20,387 for the year ended December 31, 2025. The net present value of
future lease payments has been recorded as a lease receivable and a deferred inflow of resources,
discounted at a 3% discount rate and had an ending balance at December 31, 2025, of $56,574. The
revenue will be recognized in future years.
City of St. Joseph
Notes to Basic Financial Statements
49
NOTE 4 – INTERFUND TRANSFERS
B. Transfers
The composition of interfund transfers as of December 31, 2025, is as follows:
Transfer Out Description Amount
General Fund Water Transfer for employee insurance benefits 4,355$
General Fund Sewer Transfer for employee insurance benefits 4,320
General Fund Refuse Transfer for employee insurance benefits 145
General Fund Storm Water Transfer for employee insurance benefits 1,425
General Fund Street Light Utility Transfer for employee insurance benefits 950
General Fund Other Governmental Funds Transfer for employee insurance benefits 10
G.O. Improvement Bonds of 2016B Other Governmental Funds Transfer sales tax revenue committed
for bond payment 5,000
Other Governmental Funds Other Governmental Funds Annual transfer for debt payments 445,000
Water Sewer Annual transfer for debt payments 5,000
Other Governmental Funds Water Annual transfer for debt payments 2,510
Other Governmental Funds Sewer Annual transfer for debt payments 19,730
Other Governmental Funds Storm Water Annual transfer for debt payments 17,430
Other Governmental Funds Other Governmental Funds Transfer for Convention Visitor's Bureau 10,000
Other Governmental Funds General Fund Transfer to fund recreation programming 3,000
Refuse General Fund Transfer for compost site operations 24,850
Sewer General Fund Transfer for capital equipment 16,183
Water General Fund Transfer for capital equipment 16,182
2025 Street Improvement Project General Fund
Transfer for Minnesota Street project costs 99,500
Other Governmental Funds Other Governmental Funds Transfer for future projects 70,000
General Fund Other Governmental Funds Transfer to close fund 1,661
Other Governmental Funds Other Governmental Funds Transfer to close fund 365,169
Total 1,112,420$
Transfer In
City of St. Joseph
Notes to Basic Financial Statements
50
NOTE 5 – CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2025, was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental activities
Capital assets not being depreciated
Land 762,197$ -$ -$ 762,197$
Easements 439,993 122,135 - 562,128
Construction in progress 2,214,611 3,805,056 2,610,702 3,408,965
Total capital assets
not being depreciated 3,416,801 3,927,191 2,610,702 4,733,290
Capital assets being depreciated
Buildings 7,421,043 - - 7,421,043
Infrastructure 29,383,500 547,682 - 29,931,182
Improvements 1,465,290 1,478,475 16,108 2,927,657
Intangible assets 200,000 - - 200,000
Machinery and equipment 6,281,942 445,516 127,489 6,599,969
Total capital assets
being depreciated 44,751,775 2,471,673 143,597 47,079,851
Less accumulated depreciation for
Buildings 2,167,743 189,722 - 2,357,465
Infrastructure 20,684,905 980,573 - 21,665,478
Improvements 864,112 78,604 13,978 928,738
Intangible assets 80,000 10,000 - 90,000
Machinery and equipment 4,143,019 244,934 119,381 4,268,572
Total accumulated
depreciation 27,939,779 1,503,833 133,359 29,310,253
Total capital assets being
depreciated, net 16,811,996 967,840 10,238 17,769,598
Governmental activities capital
assets, net 20,228,797$ 4,895,031$ 2,620,940$ 22,502,888$
City of St. Joseph
Notes to Basic Financial Statements
51
NOTE 5 – CAPITAL ASSETS (CONTINUED)
Beginning Ending
Balance Increases Decreases Balance
Business-type activities
Capital assets not being depreciated
Land 377,882$ -$ -$ 377,882$
Easements 67,915 - - 67,915
Construction in progress 862,883 1,134,553 75,900 1,921,536
Total capital assets
not being depreciated 1,308,680 1,134,553 75,900 2,367,333
Capital assets being depreciated
Buildings 8,797,686 - - 8,797,686
Improvements other than buildings 315,193 - - 315,193
Plant and lines 28,895,938 - - 28,895,938
Machinery and equipment 1,308,475 150,547 2,296 1,456,726
Sewer rights 9,180,410 - - 9,180,410
Total capital assets
being depreciated 48,497,702 150,547 2,296 48,645,953
Less accumulated depreciation for
Buildings 3,681,243 214,142 - 3,895,385
Improvements other than buildings 103,959 17,031 - 120,990
Plant and lines 10,467,914 590,599 - 11,058,513
Machinery and equipment 1,013,696 91,354 2,296 1,102,754
Sewer rights 3,585,354 256,052 - 3,841,406
Total accumulated
depreciation 18,852,166 1,169,178 2,296 20,019,048
Total capital assets being
depreciated, net 29,645,536 (1,018,631) - 28,626,905
Business-type activities captial
assets, net 30,954,216$ 115,922$ 75,900$ 30,994,238$
City of St. Joseph
Notes to Basic Financial Statements
52
NOTE 5 – CAPITAL ASSETS (CONTINUED)
Depreciation expense was charged to functions/programs of the City as follows:
Government activities
General government 158,120$
Public safety 292,567
Public works 820,656
Culture and recreation 232,298
Economic development 192
Total depreciation expense - governmental activities 1,503,833$
Business-type activities
Water 472,538$
Sanitary sewer 520,442
Refuse 3,126
Storm sewer 172,501
Street light utility 571
Total depreciation expense - business-type activities 1,169,178$
NOTE 6 – LONG-TERM DEBT
A. General Obligation Bonds
The City issues General Obligation (G.O.) bonds to provide for financing improvement, development,
and street improvement projects.
G.O. bonds are direct obligations and pledge the full faith and credit of the City. These bonds
generally are issued as 5 to 20 year serial bonds with equal debt service payments each year.
Revenue bonds are issued by the City where the City pledges income derived from the acquired or
constructed assets to pay debt service including access and trunk charges and utility user fees.
City of St. Joseph
Notes to Basic Financial Statements
53
NOTE 6 – LONG-TERM DEBT (CONTINUED)
B. Components of Long-Term Liabilities
Issue Interest Original Final Principal Due Within
Date Rate Issue Maturity Outstanding One Year
Governmental activities
G.O. Bonds, including Refunding Bonds
G.O. Capital Improvement Plan 2016A 07/07/16 2.00%-2.875%4,275,000$ 12/15/36 2,570,000$ 210,000$
G.O. Captial Improvement Plan 2020B 11/12/20 0.40%-2.00%690,000 12/15/33 450,000 60,000
G.O. Certificates of Indebtedness 2022A 08/30/22 4.00%660,000 12/15/31 470,000 70,000
G.O. Certificates of Indebtedness 2023A 10/17/23 4.00%-5.00%440,000 12/15/28 275,000 90,000
G.O. Certificates of Indebtedness 2025A 10/07/25 5.00%410,000 12/15/30 410,000 70,000
Total G.O. Bonds 4,175,000 500,000
G.O. Special Assessment Bonds
G.O. Improvement Bonds of 2016B 11/03/16 1.00%-3.00%740,000 12/15/32 340,000 50,000
G.O. Improvement Bonds of 2019A 09/12/19 4.00%-5.00%3,705,000 12/15/29 1,465,000 370,000
G.O. Improvement Bonds of 2020B 11/12/20 0.40%-2.00%625,000 12/15/31 365,000 65,000
Taxable G.O. Crossover Refunding
Bonds, Series 2020C 11/12/20 0.40%-1.60%1,365,000 12/01/30 775,000 150,000
G.O. Improvement Bonds of 2021A 09/14/21 2.00%-4.00%3,190,000 12/15/36 2,150,000 255,000
G.O. Improvement Bonds of 2022A 08/30/22 4.00%620,000 12/15/32 425,000 65,000
G.O. Improvement Bonds of 2023A 10/17/23 4.00%-5.00%1,930,000 12/15/33 1,555,000 190,000
G.O. Improvement Bonds of 2024A 09/18/24 4.00%-4.20%977,000 12/15/34 879,000 98,000
G.O. Improvement Bonds of 2025A 10/07/25 5.00%1,735,000 12/15/35 1,735,000 175,000
Total G.O. Special
Assessment Bonds 9,689,000 1,418,000
G.O. Abatement Bonds
G.O. Tax Abatement Bonds of 2022A 08/30/22 4.00%6,125,000 12/15/42 5,545,000 235,000
Unamortized premiums/discounts 932,831 -
Compensated absences 634,345 239,478
Total long-term liabilities,
governmental activities 20,976,176$ 2,392,478$
City of St. Joseph
Notes to Basic Financial Statements
54
NOTE 6 – LONG-TERM DEBT (CONTINUED)
B. Components of Long-Term Liabilities (Continued)
Issue Interest Original Final Principal Due Within
Date Rate Issue Maturity Outstanding One Year
Business-type activities
G.O. Revenue Bonds
G.O. Sewer Refunding Bonds of 2020B 11/12/20 0.40%-2.00%1,045,000$ 12/15/28 410,000$ 135,000$
Taxable G.O. Crossover Refunding
Bonds, Series 2020C 11/12/20 0.40%-1.90%445,000 12/01/32 285,000 35,000
G.O. Water Revenue Refunding Bonds 2021A 09/14/21 4.00%2,185,000 12/15/28 275,000 80,000
Total G.O. Revenue Bonds 970,000 250,000
Notes from direct borrowing
Utility Revenue Notes Payable
City of St. Cloud SIS
Phase 4 (2013B Bonds)11/01/13 3.00%-4.00%650,000 02/01/29 210,000 50,000
City of St. Cloud RUE Project PFA Loan 08/01/10 1.77%4,527,703 08/20/30 967,342 186,737
08/24/16 1.00%469,263 08/20/26 52,321 52,321
City of St. Cloud NR2 Biosolids 10/09/17 1.10%1,744,736 08/20/37 818,627 64,184
City of St. Cloud Forcemain Replacement 10/01/24 1.88%2,085,245 08/20/44 1,604,919 90,252
Total notes from direct borrowing 3,653,209 443,494
Unamortized premium 41,436 -
Compensated absences 185,162 49,144
Total business-type activities 4,849,807 742,638
Total all long-term liabilities 25,825,983$ 3,135,116$
Improvements
City of St. Cloud Lift Station
Long-term bonded indebtedness listed on the previous page and above were issued to finance
acquisition and construction of capital assets or to refinance (refund) previous bond issues.
City of St. Joseph
Notes to Basic Financial Statements
55
NOTE 6 – LONG-TERM DEBT (CONTINUED)
C. Changes in Long-Term Liabilities
Long-term liability activity for the year ended December 31, 2025, was as follows:
Beginning Ending
Balance Net Change Additions Reductions Balance
Governmental activities
Bonds payable
General obligation 4,230,000$ -$ 410,000$ 465,000$ 4,175,000$
G.O. Special Assessment Bonds 9,202,000 - 1,735,000 1,248,000 9,689,000
G.O. Abatement Bonds 5,770,000 - - 225,000 5,545,000
Total bonds payable 19,202,000 - 2,145,000 1,938,000 19,409,000
Unamortized premiums/discounts 906,569 - 213,392 187,130 932,831
Compensated absences 589,633 44,712 - - 634,345
Total governmental
activities 20,698,202$ 44,712$ 2,358,392$ 2,125,130$ 20,976,176$
Beginning Net Ending
Balance Change Additions Reductions Balance
Business-type activities
Bonds payable
G.O. Utility Revenue Bonds 1,655,000$ -$ -$ 685,000$ 970,000$
Note from direct borrowing
City of St. Cloud notes 3,005,070 - 1,043,438 395,299 3,653,209
Unamortized premiums 75,930 - - 34,494 41,436
Compensated absences 173,175 11,987 - - 185,162
Total business-type
activities 4,909,175 11,987 1,043,438 1,114,793 4,849,807
Total long-term liabilities 25,607,377$ 56,699$ 3,401,830$ 3,239,923$ 25,825,983$
The change in the compensated absences liability is presented as a net change.
City of St. Joseph
Notes to Basic Financial Statements
56
NOTE 6 – LONG-TERM DEBT (CONTINUED)
D. Minimum Debt Payments
Minimum annual principal and interest payments required to retire long-term liabilities:
Year Ended
December 31,Principal Interest Principal Interest
2026 500,000$ 127,665$ 1,418,000$ 383,275$
2027 520,000 108,493 1,408,000 311,519
2028 525,000 91,493 1,408,000 254,467
2029 440,000 74,093 1,408,000 200,832
2030 455,000 60,593 1,058,000 146,964
2031-2035 1,470,000 148,990 2,869,000 282,982
2036 265,000 7,619 120,000 2,400
Total 4,175,000$ 618,946$ 9,689,000$ 1,582,439$
Year Ended
December 31,Principal Interest Total
2026 235,000$ 221,800$ 2,885,740$
2027 245,000 212,400 2,805,412
2028 255,000 202,600 2,736,560
2029 265,000 192,400 2,580,325
2030 275,000 181,800 2,177,357
2031-2035 1,535,000 735,800 7,041,772
2036-2040 1,875,000 403,000 2,673,019
2041-2042 860,000 52,000 912,000
Total 5,545,000$ 2,201,800$ 23,812,185$
Governmental Activities
Abatement Bonds
Governmental Activities
G.O. Bonds G.O. Special Assessment Bonds
City of St. Joseph
Notes to Basic Financial Statements
57
NOTE 6 – LONG-TERM DEBT (CONTINUED)
D. Minimum Debt Payments (Continued)
Year Ended
December 31,Principal Interest Principal Interest Total
2026 250,000$ 23,460$ 353,242$ 33,106$ 659,808$
2027 270,000 17,210 304,917 26,917 619,044
2028 280,000 10,250 314,072 21,035 625,357
2029 40,000 2,930 318,152 14,896 375,978
2030 40,000 2,350 267,390 9,653 319,393
2031-2035 90,000 2,565 346,545 19,342 458,452
2036-2040 - - 143,973 2,369 146,342
Total 970,000$ 58,765$ 2,048,291$ 127,318$ 3,204,374$
Utility Revenue Bonds
Business-Type Activities
Notes from Direct Borrowing
The amortization schedule for the St. Cloud PFA Metro Forcemain Replacement is not available as
the loan has not been fully disbursed. Therefore, the amounts for this note are not presented in the
table above.
E. Conduit Debt
Conduit debt obligations are certain limited obligation revenue bonds or similar debt instruments
issued for the express purpose of providing capital financing for a specific third party. The City has
issued various revenue bonds to provide funding to private sector entities for projects deemed to be
in the public interest. Although these bonds bear the name of the City, the City has no obligation for
such debt. Accordingly, the bonds are not reported as liabilities in the financial statements of the
City.
At December 31, 2025, the City's outstanding conduit debt balance consisted of the following:
$21,195,000 Senior Housing and Healthcare Revenue Bonds,
Series 2019A 20,150,000$
City of St. Joseph
Notes to Basic Financial Statements
58
NOTE 7 – FUND BALANCE
Fund equity balances are classified as follows to reflect the limitations and restrictions of the
respective funds.
2025 Street Nonmajor
Community Improvement Governmental
General Center Project Fund Total
Restricted
PEG access fees 10,178$ -$ -$ -$ -$ 10,178$
Public safety aid 75,009 - - - - 75,009
Debt service - 162,678 - - 3,982,772 4,145,450
Community center construction - - 6,514,754 - - 6,514,754
Tax increments - - - - 99,761 99,761
State collected sales tax projects - - - - 2,004,436 2,004,436
Park dedication fees - - - - 461,698 461,698
Fire services - - - - 761,017 761,017
Chartitable gambling - - - - 2,350 2,350
Lodging tax - - - - 42,488 42,488
DEED CDAP - - - - 61,483 61,483
Revolving loan - - - - 15,417 15,417
Total restricted 85,187 162,678 6,514,754 - 7,431,422 14,194,041
Committed
Economic development - - - - 791,237 791,237
Assigned
Police forfeiture 105,411 - - - - 105,411
Severance pay 415,940 - - - - 415,940
Capital outlay reserves 951,070 - - 395,282 1,046,887 2,393,239
Total assigned 1,472,421 - - 395,282 1,046,887 2,914,590
Unassigned 3,445,677 - - - - 3,445,677
Total 5,003,285$ 162,678$ 6,514,754$ 395,282$ 9,269,546$ 21,345,545$
G.O.
Improvement
Bonds of 2016B
NOTE 8 – RISK MANAGEMENT
The City purchases commercial insurance coverage through the League of Minnesota Cities Insurance
Trust (LMCIT) with other cities in the state, which is a public entity risk pool currently operating as a
common risk management and insurance program. The City pays an annual premium to the LMCIT for
its insurance coverage. The LMCIT is self-sustaining through commercial companies for excess claims.
The City is covered through the pool for any claims incurred but unreported, however, retains risk
for the deductible portion of its insurance policies. The amount of these deductibles is considered
immaterial to the financial statements.
City of St. Joseph
Notes to Basic Financial Statements
59
NOTE 8 – RISK MANAGEMENT (CONTINUED)
There were no significant reductions in insurance from the previous year or settlements in excess of
insurance coverage for any of the past three years.
The City's workers' compensation insurance policy is retrospectively rated. With this type of policy,
final premiums are determined after loss experience is known. The amount of premium adjustment
for 2025 is estimated to be immaterial based on workers' compensation rates and salaries for the
year.
At December 31, 2025, there were no other claims liabilities reported in the fund based on the
requirements of GASB Statement No. 10, which requires a liability for claims be reported if
information prior to the issuance of the financial statements indicates it is probable a liability has
been incurred at the date of the financial statements and the amount of the loss can be reasonably
estimated.
NOTE 9 – PENSION PLANS
The City participates in various pension plans. Total pension expense for the year ended
December 31, 2025, was $319,601. The components of pension expense are noted in the following
plan summaries.
For governmental activities, the General Fund typically liquidates the liability related to pensions.
For Business-Type Activities, the Water, Sanitary Sewer, Refuse, Storm Water, and Street Light
Utility Funds typically liquidate the liability related to pensions.
Public Employees' Retirement Association
A. Plan Description
The City participates in the following cost-sharing multiple-employer defined benefit pension plans
administered by PERA. PERA's defined benefit pension plans are established and administered in
accordance with Minnesota Statutes Chapters 353, 353D, 353E, 353G, and 356. Minnesota Statutes
Chapter 356 defines each plan's financial reporting requirements. PERA's defined benefit pension
plans are tax qualified plans under Section 401(a) of the Internal Revenue Code.
General Employees Retirement Plan
Membership in the General Plan includes employees of counties, cities, townships, schools in non-
certified positions, and other governmental entities whose revenues are derived from taxation, fees,
or assessments. Plan membership is required for any employee who is expected to earn more than
$425 in a month, unless the employee meets exclusion criteria.
Public Employees Police and Fire Plan
Membership in the Police and Fire Plan includes full-time, licensed police officers and firefighters
who meet the membership criteria defined in Minnesota Statutes § 353.64 and who are not earning
service credit in any other PERA retirement plan or a local relief association for the same service.
Employers can provide Police and Fire Plan coverage for part-time positions and certain other public
safety positions by submitting a resolution adopted by the City's governing body. The resolution must
state that the position meets plan requirements.
City of St. Joseph
Notes to Basic Financial Statements
60
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
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. When a member is vested, they have earned enough
service credit to receive a lifetime monthly benefit after leaving public service and reaching an
eligible retirement age. Members who retire at or over their Social Security full retirement age with
at least one year of service qualify for a retirement benefit.
General Employees Plan Benefits
General Employees Plan requires three years of service to vest. Benefits are based on a member's
highest average salary for any 5 successive years of allowable service, age, and years of credit at
termination of service. Two methods are used to compute benefits for General Plan members.
Members hired prior to July 1, 1989, receive the higher of Step or Level formulas. Only the Level
formula is used for members hired after June 30, 1989. Under the Step formula, General Plan
members receive 1.2% of the highest average salary for each of the first 10 years of service and 1.7%
for each additional year. Under the Level formula, General Plan members receive 1.7% of the highest
average salary for all years of service. For members hired prior to July 1, 1989, a full retirement
benefit is available when age plus years of service equal 90 and normal retirement age is 65.
Members can receive a reduced requirement benefit as early as age 55 if they have three or more
years of service. Early retirement benefits are reduced by .25% for each month under age 65.
Members with 30 or more years of service can retire at any age with a reduction of .25% for each
month the member is younger than age 62. The Level formula allows General Plan members to
receive a full retirement benefit at age 65 if they were first hired before July 1, 1989 or at age 66 if
they were hired on or after July 1, 1989. Early retirement begins at age 55 with an actuarial
reduction applied to the benefit.
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%. The 2025 annual increase was 1.25%. Recipients that have
been receiving the annuity or benefit for at least a full year as of June 30 before the effective date
of the increase will receive the full increase. 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.
Police and Fire Plan Benefits
Benefits for the Police and Fire Plan members hired before July 1, 2010, are vested after three years
of service. Members hired on or after July 1, 2010, are 50% vested after five years of service and
100% vested after 10 years. After five years, vesting increases by 10% each full year of service until
members are 100% vested after 10 years. Police and Fire Plan members receive 3% of highest average
salary for all years of service. Police and Fire Plan members receive a full retirement benefit when
they are 55 and vested, or when their age plus their years of service equals 90 or greater if they
were first hired before July 1, 1989. Early retirement starts at age 50, and early retirement benefits
are reduced by 0.417% each month members are younger than age 55.
City of St. Joseph
Notes to Basic Financial Statements
61
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
Police and Fire Plan Benefits (Continued)
Benefit increases are provided to benefit recipients each January. The post-retirement 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. 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, 353E, 353G, and 356 set the rates for employer and employee
contributions. Contribution rates can only be modified by the state Legislature.
General Employees Fund Contributions
General Plan members were required to contribute 6.5% of their annual covered salary in fiscal year
2025, and the City was required to contribute 7.5% for General Plan members. The City's
contributions to the General Employees Fund for the year ended December 31, 2025, were $129,967.
The City's contributions were equal to the required contributions as set by state statute.
Police and Fire Fund Contributions
Police and Fire Plan members were required to contribute 11.8% of their annual covered salary in
fiscal year 2025 and the City was required to contribute 17.7% for Police and Fire Plan members. The
City's contributions to the Police and Fire Fund for the year ended December 31, 2025, were
$186,428. The City's contributions were equal to the required contributions as set by state statute.
D. Pension Costs
General Employees Fund Pension Costs
At December 31, 2025, the City reported a liability of $642,970 for its proportionate share of the
General Employees Fund'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 $15,510.
City's proportionate share of the net pension liability 642,970$
State of Minnesota's proportionate share of the net pension
liability associated with the City 15,510
Total 658,480$
City of St. Joseph
Notes to Basic Financial Statements
62
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
D. Pension Costs (Continued)
General Employees Fund Pension Costs (Continued)
The net pension liability was measured as of June 30, 2025, 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, 2024, through
June 30, 2025, relative to the total employer contributions received from all of PERA's participating
employers. The City's proportionate share was 0.0194% at the end of the measurement period and
0.0186% for the beginning of the period.
For the year ended December 31, 2025, the City recognized pension expense of $58,917 for its
proportionate share of General Employees Plan's pension expense. Included in the amount, the City
recognized ($2,379) as pension expense (and grant revenue) for its proportionate share of the State
of Minnesota's contribution of $16 million to the General Employees Fund.
At December 31, 2025, the City reported its proportionate share of the General Employees Plan's
deferred outflows of resources and deferred inflows of resources related to pensions from the
following sources:
Differences between expected and actual economic experience 58,724$ -$
Changes in actuarial assumptions 15,492 132,061
Net difference between projected and actual investment
earnings - 270,218
Changes in proportion 99,119 -
Contributions paid to PERA subsequent to the measurement
date 64,984 -
Total 238,319$ 402,279$
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
City of St. Joseph
Notes to Basic Financial Statements
63
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
D. Pension Costs (Continued)
General Employees Fund Pension Costs (Continued)
The $64,984 reported as deferred outflows of resources related to pensions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended December 31, 2026. Other amounts reported as deferred outflows
and deferred inflows of resources related to pensions will be recognized in pension expense as
follows:
Pension
Year Ended Expense
December 31,Amount
2026 (23,928)$
2027 (81,155)
2028 (78,158)
2029 (45,703)
Total (228,944)$
Police and Fire Fund Pension Costs
At December 31, 2025, the City reported a liability of $849,288 for its proportionate share of the
Police and Fire Fund's net pension liability. The net pension liability was measured as of
June 30, 2025, 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, 2024, through June 30, 2025, relative to the total
employer contributions received from all of PERA's participating employers. The City's proportionate
share was 0.0725% at the end of the measurement period and 0.0759% for the beginning of the
period.
City of St. Joseph
Notes to Basic Financial Statements
64
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
D. Pension Costs (Continued)
Police and Fire Fund Pension Costs (Continued)
The State of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year
ended June 30, 2025. 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, 2024, the direct state aid payment will increase by $17.7 million, which was paid on
October 1, 2025. Thereafter, by October 1 of each year, the State will pay $26.7 million to the Police
and Fire Fund until the fund is 110% funded for a minimum of three consecutive years (on an
actuarial value of assets basis. The $9 million in supplemental state aid will continue until the fund
and the State Patrol Plan (administered by the Minnesota State Retirement System) are 100% funded
for three consecutive years (on an actuarial value of assets basis). The State of Minnesota's
proportionate share of the net pension liability associated with the City totaled $29,441.
City's proportionate share of the net pension liability 849,288$
State of Minnesota's proportionate share of the net pension
liability associated with the City 29,441
Total 878,729$
For the year ended December 31, 2025, the City recognized pension expense of $259,826 for its
proportionate share of the Police and Fire Plan's pension expense. Included in this amount, the City
recognized $14,245 as pension expense (and grant revenue) for its proportionate share of the State
of Minnesota's contribution of $9 million to the Police and Fire Fund.
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 because this
contribution was not considered to meet the definition of a special funding situation. The City
recognized $6,524 for the year ended December 31, 2025, as revenue and an offsetting reduction of
the net pension liability for its proportionate share of the State of Minnesota's on-behalf
contributions to the Police and Fire Fund.
City of St. Joseph
Notes to Basic Financial Statements
65
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
D. Pension Costs (Continued)
Police and Fire Fund Pension Costs (Continued)
At December 31, 2025, the City reported its proportionate share of the Police and Fire Plan's
deferred outflows of resources and deferred inflows of resources related to pensions from the
following sources.
Differences between expected and actual economic experience 379,867$ -$
Changes in actuarial assumptions 557,689 988,935
Net difference between projected and actual investment
earnings - 412,502
Changes in proportion 207,791 37,638
Contributions paid to PERA subsequent to the measurement
date 93,214 -
Total 1,238,561$ 1,439,075$
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
The $93,214 reported as deferred outflows of resources related to pensions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended December 31, 2026. Other amounts reported as deferred outflows
and inflows of resources related to pensions will be recognized in pension expense as follows:
Pension
Year Ended Expense
December 31,Amount
2026 196,650$
2027 (151,482)
2028 (348,646)
2029 (4,961)
2030 14,711
Total (293,728)$
City of St. Joseph
Notes to Basic Financial Statements
66
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
E. Long-Term Expected Return on Investment
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the
reasonableness on a regular basis of the long-term expected rate of return using a building-block
method in which best-estimate ranges of expected future rates of return are developed for each
major asset class. These ranges are combined to produce an expected long-term rate of return by
weighting the expected future rates of return by the target asset allocation percentages. The target
allocation and best estimates of geometric real rates of return for each major asset class are
summarized in the following table:
Domestic equity 33.5 %5.10 %
International equity 16.5 5.30
Fixed income 25.0 0.75
Private markets 25.0 5.90
Total 100.0 %
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
F. Actuarial Methods and Assumptions
The total pension liability for each of the cost-sharing defined benefit plans was determined by an
actuarial valuation as of June 30, 2025, using the entry-age normal actuarial cost method. The long-
term rate of return on pension plan investments used to determine the total liability is 7.0%. The
7.0% assumption is based on a review of inflation and investments return assumptions from a number
of national investment consulting firms. The review provided a range of investment return rates
considered reasonable by the actuary. An investment return of 7.0% is within that range.
Inflation is assumed to be 2.25% for the General Employees Plan and 2.25% for the Police and Fire
Plan. Benefit increases after retirement are assumed to be 1.5% for the General Employees Plan and
1% for the Police and Fire Plan.
Salary growth assumptions in the General Employees Plan range in annual increments from 11.5%
after one year of service to 3.0% after 27 years of service. In the Police and Fire Plan, salary growth
assumptions range in annual increments from 10.75% after one year of service to 3.0% after 23 years
of service.
Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee
Mortality Table. Mortality rates for the Police and Fire Plan are based on the Pub-2010 Public Safety
Employee Mortality tables. The tables are adjusted slightly to fit PERA's experience.
City of St. Joseph
Notes to Basic Financial Statements
67
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
F. Actuarial Methods and Assumptions (Continued)
Actuarial assumptions for the General Employees Plan are reviewed every four years. The General
Employees Plan was last reviewed in 2022. The assumption changes were adopted by the Board and
became effective with the July 1, 2023, actuarial valuation. The Police and Fire Plan was reviewed in
2024. The assumption changes were adopted by the board and became effective with the
July 1, 2025 actuarial valuation.
The following changes in actuarial assumptions and plan provisions occurred in 2025:
General Employees Fund
Changes in Actuarial Assumptions
• The combined service annuity loading factors increased from 15% to 19% for vested
terminated members and from 3% to 44% for non-vested, terminated members. The assumed
post-retirement benefit increase changed from 1.25% to 1.5%.
Changes in Plan Provisions
• The post-retirement benefit increase formula changed to 100% of the Social Security annual
increase, between 1% and 1.75%, beginning January 1, 2026. If the funded ratio (on a market
value of assets basis) is less than 85% for the last two consecutive annual valuations or is less
than 80% in the most recent actuarial valuation, the maximum is reduced to 1.5%. Previously,
the benefit increase was 50% of the Social Security annual increase, between 1% and 1.5%.
• The 1% additional employer contribution is eliminated when the plan reaches 98% funded status
(on an actuarial value of assets basis); this contribution was previously scheduled to stop when
the plan reached 100% funded status.
Police and Fire Fund
Changes in Actuarial Assumptions
• Assumed rates of salary increases were reduced slightly.
• Assumed rates of retirement were adjusted, resulting in an overall increase in unreduced
(full) retirements and an overall increase in reduced (early) retirements.
• Assumed rates of withdrawal were modified; the new rates will increase predicted
terminations, especially in the first few years of employment.
• Assumed rates of disabled retirement were significantly increased, especially for ages over
age 30.
• Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit
observed experience.
• Percent married assumption for female retirees lowered from 70% to 65%.
• Minor changes were made to form of payment assumptions for retirees.
• Minor changes were made to assumptions made with respect to missing participant data.
• The combined service annuity load changed from 33% to 13% for vested, terminated members
and from 2% to 38% for non-vested, terminated members.
City of St. Joseph
Notes to Basic Financial Statements
68
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
F. Actuarial Methods and Assumptions (Continued)
Police and Fire Fund (Continued)
Changes in Plan Provisions
• The period of time needed for benefit recipients to receive their first benefit increase was
reduced by one year (from 36 months to 24 months for a full increase).
• The January 1, 2026, benefit increase changed from 1% to 3%; subsequent January 1 increases
will be 1%.
• The threshold to end the $9 million annual state aid contribution changed from the earlier of
July 1, 2048, or 90% funded for both PERA Police & Fire and MSRS State Patrol for three
consecutive years to 100% funded for both PERA Police & Fire and MSRS State Patrol for three
consecutive years (on an actuarial value of assets basis).
• The threshold to end the additional $9 million annual state aid contribution changed from the
earlier of July 1, 2048 or 100% funded for a minimum of three consecutive years to 110%
funded for a minimum of three consecutive years (on an actuarial value of assets basis).
• An additional $17.7 million in direct state aid will be paid annually each October 1 beginning
October 1, 2025, through June 30, 2048.
• Join and survivor actuarial equivalent factors were updated to reflect changes in assumptions.
G. Discount Rate
The discount rate used to measure the total pension liability in 2025 was 7.0%. The projection of
cash flows used to determine the discount rate assumed that contributions from Plan members and
employers will be made at rates set in Minnesota Statutes. Based on these assumptions, the fiduciary
net positions of the General Employees and Police and Fire Plans were projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term
expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
H. Pension Liability Sensitivity
The following presents the City's proportionate share of the net pension liability for all plans it
participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as
what the City's proportionate share of the net pension liability would be if it were calculated using a
discount rate 1 percentage point lower or 1 percentage point higher than the current discount rate:
1% Decrease in Current 1% Increase in
Discount Rate
(6.0%)
City's proportionate share of
the General Employees Fund
net pension liability 1,561,677$ 642,970$ (102,305)$
Discount Rate
(8.0%)
Discount Rate
(7.0%)
City of St. Joseph
Notes to Basic Financial Statements
69
NOTE 9 – PENSION PLANS (CONTINUED)
Public Employees' Retirement Association (Continued)
H. Pension Liability Sensitivity (Continued)
1% Decrease in Current 1% Increase in
City's proportionate share of
the Police and Fire Fund
net pension liability 2,225,320$ 849,288$ (280,648)$
Discount Rate
(6.0%)
Discount Rate
(7.0%)
Discount Rate
(8.0%)
I. Pension Plan Fiduciary Net Position
Detailed information about each pension plan's fiduciary net position is available in a separately
issued PERA financial report that includes financial statements and required supplementary
information. That report may be obtained on the Internet at www.mnpera.org.
Public Employees Defined Contribution Plan (Defined Contribution Plan)
The City's council members are covered by the Defined Contribution Plan, a multiple-employer
deferred compensation plan administered by PERA. The Defined Contribution Plan is a tax qualified
plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of
employees are tax deferred until time of withdrawal.
The defined contribution plan consists of individual accounts paying a lump-sum benefit. Plan
benefits depend solely on amounts contributed to the plan plus investment earnings, less
administrative expenses; therefore, there is no future liability to the City. Minnesota Statutes
Chapter 353D and 356, specifies plan provisions, including the employee and employer contribution
rates for those qualified personnel who elect to participate. An eligible elected official who decides
to participate contributes 5% of salary which is matched by the elected official's employer.
Employees who are paid for their services may elect to make member contributions in an amount not
to exceed the employer share. Employer and employee contributions are combined and used to
purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment
Fund. For administering the plan, PERA receives 2% of employer contributions and twenty-five
hundredths of 1% (.25%) of the assets in each member's account annually.
Pension expense for the year is equal to the contributions made. Total contributions made by the
City during fiscal year 2025 were:
Contribution Amount Percentage of Covered Payroll
Employee Employer Employee Employer Required Rate
858$ 858$ 5%5%5%
City of St. Joseph
Notes to Basic Financial Statements
70
NOTE 9 – PENSION PLANS (CONTINUED)
Defined Benefit Pension Plan – Volunteer Firefighter's Relief Association
A. Plan Description
The City of St. Joseph Volunteer Fire Department Relief Association is the administrator of a single
employer defined benefit pension plan established to provide benefits for members of the Relief
Association per Minnesota State Statutes.
The Association issues a publicly available financial report that includes financial statements and
required supplementary information. That report may be obtained by writing to the St. Joseph
Volunteer Fire Department Relief Association, 75 Callaway St E, St. Joseph, MN 56374.
B. Benefits Provided
Volunteer firefighters of the City are member of Joseph Volunteer Fire Department Relief Association.
Full retirement benefits are payable to members who have reached age 50 and have completed 20
years of service for lump sum service pension. Partial benefits are payable to members who have
reached 50 years and have completed 10 years of service. Disability benefits and widow and children's
survivor benefits are also payable to members, or their beneficiaries based upon requirements set
forth in the bylaws. These benefit provisions and all other requirements are consistent with enabling
state statutes.
C. Employees Covered by Benefit Terms
At December 31, 2025, the following employees were covered by the benefit terms:
Inactive members entitled to but not yet receiving benefits 6
Active members 28
Total 34
D. Contributions
Minnesota Statutes Chapter 424A.092 specifies minimum support rates required on an annual basis.
The minimum support rates from the municipality and from State aids are determined as the amount
required to meet the normal cost plus amortizing any existing prior service costs over a ten-year
period. The City's obligation is the financial requirement for the year less state aids. Any additional
payments by the City shall be used to amortize the unfunded liability of the relief association. The
Association is comprised of volunteers: therefore, there are no payroll expenditures (i.e., there are
no covered payroll percentage calculations). The City also contributed $3,000 to the Relief
Association.
E. Net Pension Liability
The City's net pension liability was measured as of December 31, 2024, and the total pension liability
used to calculate the net pension liability was determined by an actuarial valuation as of that date.
City of St. Joseph
Notes to Basic Financial Statements
71
NOTE 9 – PENSION PLANS (CONTINUED)
Defined Benefit Pension Plan – Volunteer Firefighter's Relief Association (Continued)
E. Net Pension Liability (Continued)
The total pension liability in the December 31, 2024, actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50 %
Investment rate of return 5.75 %, net of pensions plan investment
expense including inflation
The value of death benefits is similar to the value of the retirement pension. Because of low
retirement ages, the plan assumes no pre-retirement mortality. Post-retirement mortality does not
apply as the benefit structure and form of payment do not reflect lifetime benefits.
The long-term return on assets has been set based on the plan's target investment allocation along
with long-term return expectations by asset class. When there is sufficient historical evidence of
market outperformance, historical average returns may be considered. Best estimates of arithmetic
real rates of return for each major asset class included in the pension plan's target asset allocation as
of the measurement date are summarized in the table on the following page.
Domestic equity 45.0 %4.52 %
International equity 10.0 5.08
Fixed income 40.0 2.44
Real estate and alternatives 0.0 3.73
Cash and equivalents 5.0 0.99
Total 100.0 %
Expected Real
Target Allocation Rate of Return
Long-Term
Asset Class
The discount rate used to measure the total pension liability was 5.75%. Assets were projected using
expected benefit payments and expected asset returns. Expected benefit payments by year were
discounted using the expected asset return assumption for years in which the assets were sufficient
to pay all benefit payments. Any remaining benefit payments after the trust fund is exhausted are
discounted at the municipal bond rate. The equivalent single rate is the discount rate.
City of St. Joseph
Notes to Basic Financial Statements
72
NOTE 9 – PENSION PLANS (CONTINUED)
Defined Benefit Pension Plan – Volunteer Firefighter's Relief Association (Continued)
F. Changes in the Net Pension Liability
Total Plan Fiduciary Net Pension
Pension Net Liability
Liability Position (Asset)
(a) (b)(a) - (b)
Balances as of beginning of year 1,005,842$ 1,129,639$ (123,797)$
Changes for the year
Service cost 47,198 - 47,198
Interest cost 50,019 - 50,019
Differences between expected
and actual experience (111,871) - (111,871)
Changes of assumptions (29,737) - (29,737)
Changes of benefit terms 86,493 - 86,493
State and local contributions - 81,934 (81,934)
Net investment income - 161,895 (161,895)
Administrative expense - (9,860) 9,860
Net changes 42,102 233,969 (191,867)
Balances as of end of year 1,047,944$ 1,363,608$ (315,664)$
Increase (Decrease)
Sensitivity of the net pension liability to changes in the discount rate. The following presents the net
pension liability of the City, calculated using the discount rate of 5.75%, as well as what the City's
net pension liability would be if it were calculated using a discount rate that is 1 percentage point
lower (4.75%) or 1 percentage point higher (6.75%) than the current rate:
1% Decrease in Current 1% Increase in
Discount Rate Discount Rate Discount Rate
(3.75%)(4.75%)(5.75%)
City's proportionate share of
the Plan net position liability (asset)(283,074)$ (315,664)$ (347,136)$
Pension plan fiduciary net position. Detailed information about the pension plan's fiduciary net
position is available in the separately issued relief association financial report.
City of St. Joseph
Notes to Basic Financial Statements
73
NOTE 9 – PENSION PLANS (CONTINUED)
Defined Benefit Pension Plan – Volunteer Firefighter's Relief Association (Continued)
G. Pension Expense and Deferred Outflows of Resources, and Deferred Inflows of Resources
Related to Pensions
For the year ended December 31, 2025, the City recognized pension expense of $0. At December 31,
2025, the City reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual liability -$ 131,027$
Changes of assumptions 25,476 27,917
Net difference between projected and actual earnings on
pension plan investments - 58,707
Total 25,476$ 217,651$
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense as follows:
Year Ending
December 31,Total
2026 (18,191)$
2027 (13,345)
2028 (60,325)
2029 (41,828)
2030 (20,057)
Therafter (38,429)
Total (192,175)$
City of St. Joseph
Notes to Basic Financial Statements
74
NOTE 10 – COMMITMENTS
The City has entered into contracts for construction as follows:
Commitment
2025 Street Improvements 748,673$ 630,277$ 118,396$
Lanigan Way Pedestrian Crossing 123,088 119,902 3,186
2024 Elm Street Extension 876,774 748,300 128,474
2024 CSAH 133/Elm St Roundabout 673,763 597,467 76,296
2025 CSAH 2/Minnesota St Roundabout 128,536 126,875 1,661
Total 328,013$
Project
Contract
Amount
Expended
through
12/31/25
NOTE 11 – TAX INCREMENT FINANCING
The City has entered into four Tax Increment Financing agreements which meet the criteria for
disclosure under Governmental Accounting Standards Board Statement No. 77 Tax Abatement
Disclosures. The City's authority to enter into these agreements comes from Minnesota Statute § 469.
The City entered into these agreements for the purpose of economic development.
Under each agreement, the City and developer agree on an amount of development costs to be
reimbursed to the developer by the City though tax revenues from the additional taxable value of
the property generated by the development (tax increment). A "pay-as-you-go" note is established
for this amount, on which the City makes payments for a fixed period of time with available tax
increment revenue after deducting for certain administrative costs.
During the year ended December 31, 2025, the City generated $175,910 in tax increment revenue
and made $160,961, in payments to developers.
In addition, the City had an abatement of $109,192 relating to a development agreement.
NOTE 12 – NEW STANDARDS ISSUED BUT NOT YET IMPLEMENTED
GASB Statement No. 103, Financial Reporting Model Improvements. The changes required by this
Statement provide clarity, enhance the relevance of information, provide more useful information
for decision-making, and provide for greater comparability amongst government entities. This
Statement will be effective for the year ending December 31, 2026.
GASB Statement No. 104, Disclosure of Certain Capital Assets. The disclosures required by this
Statement provide users of the financial statements with essential information about certain types of
capital assets. This Statement will be effective for the year ending December 31, 2026.
City of St. Joseph
Notes to Basic Financial Statements
75
NOTE 13 – SUBSEQUENT EVENTS
On March 16, 2026, the City approved the defeasance of the 2019A General Obligation Improvement
Bonds, originally issued to fund infrastructure for the Northland Business Center. Strong lot sales and
special assessment revenues, along with remaining project funds, have fully covered the outstanding
debt and exceeded the balance by $259,405. Because the bonds are not callable until
December 15, 2027, the City placed funds in escrow to pay off the bonds at that time, reducing
future interest costs.
76
(THIS PAGE LEFT BLANK INTENTIONALLY)
77
REQUIRED SUPPLEMENTARY INFORMATION
See notes to required supplementary information. 78
City's Covered
Payroll
2016 0.0135%1,096,133$ 14,341$ 1,110,474$ 839,240$ 130.61%68.91%
2017 0.0142%906,519 11,418 917,937 916,373 98.92%75.90%
2018 0.0142%787,758 25,900 813,658 955,440 82.45%79.53%
2019 0.0135%746,385 23,166 769,551 956,520 78.03%80.23%
2020 0.0145%869,341 26,723 896,064 1,031,520 84.28%79.06%
2021 0.0152%649,108 19,868 668,976 1,096,507 59.20%87.00%
2022 0.0155%1,227,605 36,093 1,263,698 1,164,720 105.40%76.67%
2023 0.0167%933,845 25,802 959,647 1,331,120 70.15%83.10%
2024 0.0186%686,759 17,758 704,517 1,572,227 43.68%89.08%
2025 0.0194%642,970 15,510 658,480 1,757,227 36.59%90.78%
For Fiscal
Year Ended
June 30,
City's
Proportion of
the Net
Pension
Liability
(Asset)
City's
Proportionate
Share of the
Net Pension
Liability
(Asset)
State's
Proportionate
Share
(Amount) of
the Net
Pension
Liability
Associated
with the City
City's
Proportionate
Share of the
Net Pension
Liablility and
the State's
Proportionate
Share of the
Net Pension
Liablility
Associated
with the City
City's Covered
Payroll
City's
Proportionate
Share of the
Net Pension
Liability
(Asset) as a
Percentage of
its Covered
Payroll
Plan Fiduciary
Net Position
as a
Percentage of
the Total
Pension
Liability
2016 0.0540%2,167,114$ N/A 2,167,114$ 518,580$ 417.89%63.88%
2017 0.0540%729,064 N/A 729,064 554,975 131.37%85.43%
2018 0.0581%614,057 N/A 614,057 612,154 100.31%88.84%
2019 0.0559%587,566 N/A 587,566 576,684 101.89%89.26%
2020 0.0555%726,554 17,262$ 743,816 613,525 121.24%87.19%
2021 0.0618%471,468 21,453 492,921 730,853 67.44%93.66%
2022 0.0631%2,745,862 120,034 2,865,896 767,124 373.59%70.53%
2023 0.0673%1,162,184 46,806 1,208,990 883,531 136.84%86.47%
2024 0.0759%998,794 38,074 1,036,868 1,051,277 98.63%90.17%
2025 0.0725%849,288 29,441 878,729 1,100,096 79.88%91.78%
Last Ten Years
For Fiscal
Year Ended
June 30,
State's
Proportionate
Share
(Amount) of
the Net
Pension
Liability
Associated
with the City
City's
Proportionate
Share of the
Net Pension
Liability and
the State's
Proportionate
Share of the
Net Pension
Liability
Associated
with the City
Public Employees Police and Fire Retirement Fund
of Net Pension Liability
City of St. Joseph
Schedule of City's Proportionate Share
of Net Pension Liability
Last Ten Years
Schedule of City's Proportionate Share
General Employees Retirement Fund
City's
Proportionate
Share
(Percentage)
of the Net
Pension
Liability
(Asset)
City's
Proportionate
Share
(Amount) of
the Net
Pension
Liability
(Asset)
City's
Proportionate
Share of the
Net Pension
Liability
(Asset) as a
Percentage of
its Covered
Payroll
Plan Fiduciary
Net Position
as a
Percentage of
the Total
Pension
Liability
See notes to required supplementary information. 79
2016 66,294$ 66,294$ -$ 883,920$ 7.50%
2017 69,820 69,820 - 930,933 7.50%
2018 71,452 71,452 - 952,693 7.50%
2019 76,798 76,798 - 1,023,973 7.50%
2020 90,784 90,784 - 1,210,453 7.50%
2021 91,994 91,994 - 1,226,587 7.50%
2022 93,278 93,278 - 1,243,707 7.50%
2023 110,146 110,146 - 1,468,613 7.50%
2024 120,298 120,298 - 1,603,973 7.50%
2025 129,967 129,967 - 1,732,893 7.50%
2016 89,587$ 89,587$ -$ 553,006$ 16.20%
2017 93,325 93,325 - 576,080 16.20%
2018 97,377 97,377 - 601,093 16.20%
2019 106,850 106,850 - 630,383 16.95%
2020 118,036 118,036 - 666,870 17.70%
2021 131,669 131,669 - 743,893 17.70%
2022 140,356 140,356 - 792,972 17.70%
2023 174,878 174,878 - 988,011 17.70%
2024 196,031 196,031 - 1,107,520 17.70%
2025 186,428 186,428 - 1,053,266 17.70%
Last Ten Years
Contributions
as a
Percentage of
Covered Payroll
Statutorily
Required
Contribution
Statutorily
Required
Contribution
Contributions
in Relation to
the Statutorily
Required
Contributions
Contribution
Deficiency
(Excess)
Contributions
in Relation to
the Statutorily
Required
Contributions
Fiscal Year
Ending
December 31,
City's Covered
Payroll
Contributions
as a
Percentage of
Covered Payroll
Schedule of City Contributions -
Public Employees Police and Fire Retirement Fund
Fiscal Year
Ending
December 31,
City of St. Joseph
Schedule of City Contributions -
General Employees Retirement Fund
Last Ten Years
Contribution
Deficiency
(Excess)
City's Covered
Payroll
See notes to required supplementary information. 80
Plan Year Plan Year Plan Year Plan Year
December 31,December 31,December 31,December 31,
2015 2016 2017 2018
Total Pension Liability (TPL)
Service cost 25,691$ 25,641$ 27,172$ 28,180$
Interest 35,786 33,188 32,052 32,323
Differenced between expected and
actual experience (29,935) - (35,760) -
Changes of assumptions 56,691 4,299 8,441 -
Changes of benefit terms - - - 28,541
Benefit payments, including refunds, or
member contributions (49,000) (118,151) - -
Net change in total pension liability 39,233 (55,023) 31,905 89,044
Beginning of year 571,388 610,621 555,598 587,503
End of Year 610,621$ 555,598$ 587,503$ 676,547$
Plan Fiduciary Net Pension (FNP)
Contributions - employer 63,111$ 58,310$ 56,565$ 58,653$
Net investment income 68,585 77,946 (50,418) 118,020
Benefit payments, including refunds of
member contributions (49,000) (118,151) - -
Administrative expense (7,724) (8,546) (7,582) (9,020)
Net change in plan fiduciary net position 74,972 9,559 (1,435) 167,653
Beginning of year 700,995 775,967 785,526 784,091
End of year 775,967$ 785,526$ 784,091$ 951,744$
Net pension liability (NPL)(165,346)$ (229,928)$ (196,588)$ (275,197)$
Plan fiduciary net position as a percentage
of the total pension liability 127.1%141.4%133.5%140.7%
Covered employee payroll n/a n/a n/a n/a
Net pension liability as a percentage
of covered payroll n/a n/a n/a n/a
* Notes to required supplementary information explains lack of activity for 2024.
City of St. Joseph
Schedule of Changes in Net Pension Liability
and Related Ratios - Fire Relief Association
81
Plan Year Plan Year Plan Year Plan Year Plan Year Plan Year
December 31,December 31,December 31,December 31,December 31,December 31,
2019 2020 2021 2022 2023 2024*
30,292$ 34,333$ 36,598$ 36,028$ 47,198$ -$
37,109 35,949 36,789 38,068 50,019 -
(9,251) - (19,521) - (111,871) -
15,976 - (2,834) - (29,737) -
59,260 32,566 - 189,858 86,493 -
- (174,884) - (47,041) - -
133,386 (72,036) 51,032 216,913 42,102 -
676,547 809,933 737,897 788,929 1,005,842 1,047,944
809,933$ 737,897$ 788,929$ 1,005,842$ 1,047,944$ 1,047,944$
62,075$ 63,830$ 67,568$ 70,206$ 81,934$ -$
117,376 92,565 (165,717) 130,284 161,895 -
- (174,884) - (47,041) - -
(8,297) (8,951) (8,947) (12,172) (9,860) -
171,154 (27,440) (107,096) 141,277 233,969 -
951,744 1,122,898 1,095,458 988,362 1,129,639 1,363,608
1,122,898$ 1,095,458$ 988,362$ 1,129,639$ 1,363,608$ 1,363,608$
(312,965)$ (357,561)$ (199,433)$ (123,797)$ (315,664)$ (315,664)$
138.6%148.5%125.3%112.3%130.1%130.1%
n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a
See notes to required supplementary information. 82
2016 2017 2018 2019
Employer
Statutorily determined contribution (SDC)-$ -$ -$ -$
Contribution in relation to the SDC 3,000 3,000 3,000 3,000
Contribution deficiency (excess)(3,000)$ (3,000)$ (3,000)$ (3,000)$
Non-employer
2% aid 60,111$ 55,310$ 53,565$ 55,653$
Covered employee payroll n/a n/a n/a n/a
Contributions as a percentage of covered
employee payroll n/a n/a n/a n/a
Measurement Date
City of St. Joseph
Schedule of Employer Contributions
and Non-Employer Contributing
Entities - Fire Relief Association
83
2020 2021 2022 2023 2024 2025
-$ -$ -$ -$ -$ -$
3,000 3,000 6,000 - 6,000 3,000
(3,000)$ (3,000)$ (6,000)$ -$ (6,000)$ (3,000)$
59,075$ 60,830$ 61,568$ 70,206$ 75,934$ 89,535$
n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a
Measurement Date
City of St. Joseph
Notes to Required Supplementary Information
84
General Employees Fund
2025 Changes
Changes in Actuarial Assumptions
• The combined service annuity loading factors increased from 15% to 19% for vested,
terminated members and from 3% to 44% for non-vested, terminated members.
• The assumed post-retirement benefit increase changed from 1.25% to 1.5%.
Changes in Plan Provisions
• The post-retirement benefit increase formula changed to 100% of the Social Security annual
increase, between 1% and 1.75%, beginning January 1, 2026. If the funded ratio (on a market
value of assets basis) is less than 85% for the last two consecutive annual valuations or is less
than 80% in the most recent actuarial valuation, the maximum is reduced to 1.5%. Previously,
the benefit increase was 50% of the Social Security annual increase, between 1% and 1.5%.
• The 1% additional employer contribution is eliminated when the plan reaches 98% funded
status (on an actuarial value of assets basis); this contribution was previously scheduled to
stop when the plan reached 100% funded status.
2024 Changes
Changes in Actuarial Assumptions
• Rates of merit and seniority were adjusted, resulting in slightly higher rates.
• Assumed rates of retirement were adjusted as follows: increase the rate of assumed
unreduced retirements, slight adjustments to Rule of 90 retirement rates, and slight
adjustments to early retirement rates for Tier 1 and Tier 2 members.
• Minor increase in assumed withdrawals for males and females.
• Lower rates of disability.
• Continued use of Pub-2010 general mortality table with slight rate adjustments as
recommended in the most recent experience study.
• Minor changes to form of payment assumptions for male and female retirees.
• Minor changes to assumptions made with respect to missing participant data.
Changes in Plan Provisions
• The workers' compensation offset for disability benefits was eliminated. The actuarial
equivalent factors updated to reflect the changes in assumptions.
2023 Changes
Changes in Actuarial Assumptions
• The investment return assumption and single discount rate were changed from 6.5% to 7.0%.
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 2.5% minus the actual 2024 adjustment will
be payable in a lump sum for calendar year 2024 by March 31, 2024.
2022 Changes
Changes in Actuarial Assumptions
• The mortality improvement scale was changed from scale MP-2020 to scale MP-2021.
City of St. Joseph
Notes to Required Supplementary Information
85
General Employees Fund (Continued)
2022 Changes (Continued)
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2021 Changes
Changes in Actuarial Assumptions
• The investment return and single discount rates were changed from 7.5% to 6.5% for financial
reporting purposes.
• The mortality improvement scale was changed from scale MP-2019 to scale MP-2020.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2020 Changes
Changes in Actuarial Assumptions
• The price inflation assumption was decreased from 2.5% to 2.25%.
• The payroll growth assumption was decreased from 3.25% to 3.0%.
• Assumed salary increase rates were changed as recommended in the June 30, 2019,
experience study. The net effect is assumed rates that average 0.25% less than previous
rates.
• Assumed rates of retirement were changed as recommended in the June 30, 2019, experience
study. The changes result in more unreduced (normal) retirements and slightly fewer Rule of
90 and early retirements.
• Assumed rates of termination were changes as recommended in the June 30, 2019,
experience study. The new rates are based on service and are generally lower than the
previous rates for years 2-5 and slightly higher thereafter.
• Assumed rates of disability were changed as recommended in the June 30, 2019, experience
study. The change results in fewer predicted disability retirements for males and females.
• The base mortality table for healthy annuitants and employees was changed from the RP-2014
table to the Pub-2010 General Mortality table, with adjustments. The base mortality table for
disabled annuitants was changed from the RP-2014 disabled annuitant mortality table to the
Pub-2010 General/Teacher disabled annuitant mortality table, with adjustments.
• The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019.
• The assumed 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 and Survivor
option changed from 35% to 45%. The assumed number of married female new retires electing
the 100% Joint and Survivor option changed from 15% to 30%. The corresponding number of
married new retirees electing the Life annuity option was adjusted accordingly.
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% thereafter. Augmentation was eliminated for
privatizations occurring after June 30, 2020.
2019 Changes
Changes in Actuarial Assumptions
• The mortality projection scale was changed from MP-2017 to MP-2018.
City of St. Joseph
Notes to Required Supplementary Information
86
General Employees Fund (Continued)
2019 Changes (Continued)
Changes in Plan Provisions
• The employer supplemental contribution was changed prospectively, decreasing from $31.0
million to $21.0 million per year. The State's special funding contribution was changed
prospectively, requiring $16.0 million due per year through 2031.
2018 Changes
Changes in Actuarial Assumptions
• The mortality projection scale was changed from MP-2015 to MP-2017.
• The assumed benefit increase was changed from 1.0% per year through 2044 and 2.5% per
year thereafter to 1.25% per year.
Changes in Plan Provisions
• The augmentation adjustment in early retirement factors is eliminated over a five-year period
starting July 1, 2019, resulting in actuarial equivalence after June 30, 2024.
• Interest credited on member contributions decreased from 4.00% to 3.00%, beginning
July 1, 2018.
• Deferred augmentation was changed to 0.00%, effective January 1, 2019. Augmentation that
has already accrued for deferred members will still apply.
• Contribution stabilizer provisions were repealed.
• Annual increases were changed from 1.00% per year with a provision to increase to 2.50%
upon attainment of 90.00% funding ratio to 50.00% of the Social Security Cost of Living
Adjustment, not less than 1.00% and not more than 1.50%, beginning
January 1, 2019.
• For retirements on or after January 1, 2024, the first benefit increase is delayed until the
retiree reaches normal retirement age. This does not apply to Rule of 90 retirees, disability
benefit recipients, or survivors.
• Actuarial equivalent factors were updated to reflect revised mortality and interest
assumptions.
2017 Changes
Changes in Actuarial Assumptions
• The 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% for
vested deferred member liability and 3% for non-vested deferred member liability.
• The assumed annual 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.
Changes in Plan Provisions
• The State's contribution for the Minneapolis Employees Retirement Fund equals $16,000,000
in 2017 and 2018, and $6,000,000 thereafter.
• The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund
changed from $21,000,000 to $31,000,000 in calendar years 2019 to 2031. The State's
contribution changed from $16,000,000 to $6,000,000 in calendar years 2019 to 2031.
2016 Changes
Changes in Actuarial Assumptions
• The assumed post-retirement benefit increase rate was changed from 1.0% per year through
2035 and 2.5% per year thereafter to 1.0% per year for all future years.
City of St. Joseph
Notes to Required Supplementary Information
87
General Employees Fund (Continued)
2016 Changes (Continued)
Changes in Actuarial Assumptions (Continued)
• 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, the inflation was decreased by 0.25% to
3.25% for payroll growth and 2.50% for inflation.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
City of St. Joseph
Notes to Required Supplementary Information
88
Police and Fire Fund
2025 Changes
Changes in Actuarial Assumptions
• Assumed rates of salary increases were reduced slightly.
• Assumed rates of retirement were adjusted, resulting in an overall increase in unreduced
(full) retirements and an overall increase in reduced (early) retirements.
• Assumed rates of withdrawal were modified; the new rates will increase predicted
terminations, especially in the first few years of employment.
• Assumed rates of disabled retirement were significantly increased, especially for ages over
age 30.
• Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit
observed experience.
• Percent married assumption for female retirees lowered from 70% to 65%.
• Minor changes were made to form of payment assumptions for retirees.
• Minor changes were made to assumptions made with respect to missing participant data.
• The combined service annuity load changed from 33% to 13% for vested, terminated members
and from 2% to 38% for non-vested, terminated members.
Changes in Plan Provisions
• The period of time needed for benefit recipients to receive their first benefit increase was
reduced by one year (from 36 months to 24 months for a full increase).
• The January 1, 2026, benefit increase changed from 1% to 3%; subsequent January 1 increases
will be 1%.
• The threshold to end the $9 million annual state aid contribution changed from the earlier of
July 1, 2048, or 90% funded for both PERA Police & Fire and MSRS State Patrol for three
consecutive years to 100% funded for both PERA Police & Fire and MSRS State Patrol for three
consecutive years (on an actuarial value of assets basis).
• The threshold to end the additional $9 million annual state aid contribution changed from the
earlier of July 1, 2048 or 100% funded for a minimum of three consecutive years to 110%
funded for a minimum of three consecutive years (on an actuarial value of assets basis).
• An additional $17.7 million in direct state aid will be paid annually each October 1 beginning
October 1, 2025, through June 30, 2048.
• Joint and survivor actuarial equivalent factors were updated to reflect changes in
assumptions.
2024 Changes
Changes in Plan Provisions
• The State contribution of $9.0 million per year will continue until the earlier of 1) both the
Police and Fire Plan and the State Patrol Retirement Fund attain 90% funded status for three
consecutive years (on an actuarial value of assets basis) or 2) July 1, 2048. The contribution
was previously due to expire after attaining a 90% funded status for one year.
• The additional $9.0 million contribution will continue until the Police and Fire Plan is fully
funded for a minimum of three consecutive years on an actuarial value of assets basis, or
July 1, 2048, whichever is earlier. This contribution was previously due to expire upon
attainment of fully funded status on an actuarial value of assets basis for one year (or
July 1, 2048 if earlier).
City of St. Joseph
Notes to Required Supplementary Information
89
Police and Fire Fund (Continued)
2023 Changes
Changes in Actuarial Assumptions
• The investment return assumption was changed from 6.5% to 7.0%.
• The single discount rate changed from 5.4% to 7.0%.
Changes in Plan Provisions
• Additional one-time direct state aid contribution of 19.4 million will be 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 3.0% 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
Changes in Actuarial Assumptions
• The mortality improvement scale was changed from scale MP-2020 to scale MP-2021.
• The single discount rate was changed from 6.5% to 5.4%.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2021 Changes
Changes in Actuarial Assumptions
• The investment return and single discount rates were changed from 7.5% to 6.5% for financial
reporting purposes.
• The inflation assumption was changed from 2.5% to 2.25%.
• The payroll growth assumption was changed from 3.25% to 3.0%.
• The base mortality table for healthy annuitants and employees was changed from the RP-2014
table to the Pub-2010 Public Safety mortality table. The mortality improvement scale was
changed from MP-2019 to MP-2020.
• The base mortality table for disabled annuitants was changed from the RP-2014 healthy
annuitant mortality table (with future mortality improvement according to scale MP-2019) to
the Pub-2010 Public Safety disabled annuitant mortality table (with future mortality
improvement according to scale MP-2020).
• Assumed rates of salary increase were modified as recommended in the July 14, 2020,
experience study. The overall impact is a decrease in gross salary increase rates.
• Assumed rates of retirement were changed as recommended in the July 14, 2020, experience
study. The changes resulted in 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 resulted in more assumed terminations.
• Assumed rates of disability were increased for ages 25-44 and decreased for ages over 49.
Overall, proposed rates resulted in more projected disabilities.
• Assumed % married for active female members was changed from 60% to 70%. Minor changes
to form of payment assumptions were applied.
City of St. Joseph
Notes to Required Supplementary Information
90
Police and Fire Fund (Continued)
2021 Changes (Continued)
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2020 Changes
Changes in Actuarial Assumptions
• The mortality projection scale was changed from MP-2018 to MP-2019.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2019 Changes
Changes in Actuarial Assumptions
• The mortality projection scale was changed from MP-2017 to MP-2018.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2018 Changes
Changes in Actuarial Assumptions
• The mortality projection scale was changed from MP-2016 to MP-2017.
Changes in Plan Provisions
• Annual increases were changed to 1.00% for all years, with no trigger.
• An end date of July 1, 2048, was added to the existing $9.0 million state contribution.
• New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9.0 million
thereafter until the plan reaches 100% funding, or July 1, 2048, if earlier.
• Member contributions were changed from 10.80% to 11.30% of pay, effective January 1, 2019,
and 11.80% of pay, effective January 1, 2020.
• Employer contributions were changed from 16.20% to 16.95% of pay, effective
January 1, 2019, and 17.70% of pay, effective January 1, 2020.
• Interest credited on member contributions decreased from 4.00% to 3.00%, beginning
July 1, 2018.
• Deferred augmentation was changed to 0.00%, effective January 1, 2019. Augmentation that
has already accrued for deferred members will still apply.
• Actuarial equivalent factors were updated to reflect revised mortality and interest
assumptions.
2017 Changes
Changes in Actuarial Assumptions
• 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 CSA load was 30% for vested and non-vested deferred members. The CSA has been
changed to 33% for vested members and 2% for non-vested members.
• The base mortality table for healthy annuitants was changed from the RP-2000 fully
generational table to the RP-2014 fully generational table (with a base year of 2006), with
male rates adjusted by a factor of 0.96. The mortality improvement scale was changed from
Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was changed from
the RP-2000 disabled mortality table to the mortality tables assumed for healthy retirees.
City of St. Joseph
Notes to Required Supplementary Information
91
Police and Fire Fund (Continued)
2017 Changes (Continued)
Changes in Actuarial Assumptions (Continued)
• 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 annual benefit increase rate was changed from 1% for all years to 1% per year
through 2064 and 2.5% thereafter.
• The single discount rate was changed from 5.6% per annum to 7.5% per annum.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
2016 Changes
Changes in Actuarial Assumptions
• The assumed post-retirement benefit increase rate was changed from 1.0% per year through
2037 and 2.5% thereafter to 1.0% per year for all future years.
• The assumed investment return was changed from 7.9% to 7.5%. The single discount rate
changed from 7.9% to 5.6%.
• The single discount rate changed from 7.90% to 5.60%.
• The assumed future salary increases, payroll growth, and inflation was decreased by 0.25% to
3.25% for payroll growth and 2.50% for inflation.
Changes in Plan Provisions
• There have been no changes since the prior valuation.
City of St. Joseph
Notes to Required Supplementary Information
92
Fire Relief Association
2025 Changes
There have been no changes since the prior valuation. An update to the City's net pension
liability/asset amount was not available as the relief association joined PERA for its plan
administration effect January 1, 2025. The table below presents the changes in net pension liability
during the previous year. Updated net pension liability or asset information will be provided by PERA
and available for presentation in the December 31, 2026, financial statements.
2024 Changes
Changes in Plan Provisions
• The benefit level increased from $3,200 to $3,600.
• The discount rate was changed from 4.75% to 5.75%.
2023 Changes
Changes in Plan Provisions
• The benefit level increased from $2,400 to $3,200 per year.
2022 Changes
Changes in Plan Provisions
• The disability, mortality and withdrawal assumptions were updated from the rates used in the
July 1, 2020, Minnesota PERA Police & Fire Plan actuarial valuation to the rates use in the
July 1, 2022, Minnesota PERA Police & Fire Plan actuarial valuation.
• The inflation assumption decreased from 2.50% to 2.25%.
2021 Changes
Changes in Plan Provisions
• The benefit level increased from $2,300 to $2,400 per year.
2020 Changes
Changes in Plan Provisions
• The benefit level increased from $2,100 to $2,300 per year.
Changes in Actuarial Assumptions
• The discount rate was changed from 5.25% to 4.75%.
93
SUPPLEMENTARY INFORMATION
94
Original and
Final
Budget Actual Amounts
Revenues
Property taxes 2,962,074$ 2,957,833$ (4,241)$
Sales taxes - 42 42
Miscellaneous taxes 750 - (750)
Special assessments 5,500 52,727 47,227
Franchise fees 206,590 225,799 19,209
Licenses and permits 208,720 283,499 74,779
Intergovernmental revenue
Local government aid 1,491,646 1,491,646 -
Police aid 122,000 178,235 56,235
Federal grants 1,500 778 (722)
State grants 121,505 222,770 101,265
Other grants and aids 17,000 21,459 4,459
Total intergovernmental revenue 1,753,651 1,914,888 161,237
Charges for services
General government 22,815 29,009 6,194
Public safety 3,500 3,646 146
Public works 3,075 3,098 23
Culture and recreation 35,350 43,728 8,378
Total charges for services 64,740 79,481 14,741
Fines and forfeitures 66,000 60,792 (5,208)
Miscellaneous revenues
Investment income 50,000 205,085 155,085
Contributions and donations 3,650 5,045 1,395
Other 50,370 65,816 15,446
Total miscellaneous revenues 104,020 275,946 171,926
Total revenues 5,372,045 5,851,007 478,962
Expenditures
General government
Mayor and council 104,430 83,836 (20,594)
Administrative and finance 875,845 872,773 (3,072)
Other general government 327,550 325,818 (1,732)
Capital outlay 24,000 14,798 (9,202)
Total general government 1,331,825 1,297,225 (34,600)
City of St. Joseph
Schedule of Revenues, Expenditures, and
Changes in Fund Balance -
Budget and Actual - General Fund
Variance with
Final Budget -
Over (Under)
Year Ended December 31, 2025
95
Actual Amounts
Expenditures
Public safety
Police
Current 2,389,765$ 2,204,531$ (185,234)$
Capital outlay 47,735 637,101 589,366
Total police 2,437,500 2,841,632 404,132
Fire
Current 75,000 - (75,000)
Other
Current 113,805 125,873 12,068
Capital outlay 1,500 - (1,500)
Total other 115,305 125,873 10,568
Total public safety 2,627,805 2,967,505 339,700
Public works
Streets and highways
Street maintenance and storm sewers 494,235 548,112 53,877
Snow and ice removal 193,245 133,431 (59,814)
Street engineering 45,000 59,802 14,802
Capital outlay 275,317 191,716 (83,601)
Total public works 1,007,797 933,061 (74,736)
Culture and recreation
Current 563,015 539,980 (23,035)
Capital outlay 44,217 112,533 68,316
Total culture and recreation 607,232 652,513 45,281
Total expenditures 5,574,659 5,850,304 275,645
Excess of revenues over
(under) expenditures (202,614) 703 203,317
Other Financing Sources (Uses)
Sale of property 21,500 29,065 7,565
Transfers in 11,205 12,866 1,661
Transfers out (13,500) (159,715) (146,215)
Total other financing sources (uses)19,205 (117,784) (136,989)
Net change in fund balances (183,409)$ (117,081) 66,328$
Fund Balances
Beginning of year 5,120,366
End of year 5,003,285$
Variance with
Final Budget -
Over (Under)
City of St. Joseph
Schedule of Revenues, Expenditures, and
Changes in Fund Balance -
Budget and Actual - General Fund
Year Ended December 31, 2025
Original and
Final
Budget
96
Economic
Development
Authority (250)
TIF 2-1
Millstream
Shops and Lofts
(257)
TIF 2-3 Bayou
Blues/ Alley
Flat (259)
TIF 4-1
Fortitude
Senior Housing
(253)
Assets
Cash and investments 106,513$ 51,380$ 2,348$ 45,332$
Taxes receivable - delinquent 1,438 - - -
Special assessments receivable
Delinquent - - - -
Deferred - - - -
Accounts receivable - - - -
Interest receivable 642 310 13 254
Due from other governments 5,931 1,237 - -
Notes receivable - - - -
Total assets 114,524$ 52,927$ 2,361$ 45,586$
Liabilities
Accounts payable 5,754$ 1,113$ -$ -$
Contracts payable - - - -
Salaries and benefits payable 1,197 - - -
Total liabilities 6,951 1,113 - -
Deferred Inflows of Resources
Unavailable revenue - property taxes 1,438 - - -
Unavailable revenue - special assessments - - - -
Total deferred inflows of resources 1,438 - - -
Fund Balances
Restricted - 51,814 2,361 45,586
Committed 106,135 - - -
Assigned - - - -
Total fund balances 106,135 51,814 2,361 45,586
Total liabilities, deferred inflows
of resources, and fund balances 114,524$ 52,927$ 2,361$ 45,586$
City of St, Joseph
Combining Balance Sheet -
Nonmajor Governmental Funds
Special Revenue
December 31, 2025
97
State Collected
Sales Tax (200)
Park Dedication
(205)
Charitable
Gambling (215)
Lodging Tax
(220)
Revolving Loan
(251)
Deed Housing
(225)
1,743,288$ 96,765$ 2,340$ 40,327$ 681,304$ 61,116$
- - - - - -
- - - - - -
- - - - - -
- 28 - 1,960 - -
9,413 1,382 10 201 3,633 367
251,735 365,262 - - - -
- - - - 15,582 -
2,004,436$ 463,437$ 2,350$ 42,488$ 700,519$ 61,483$
-$ 1,739$ -$ -$ -$ -$
- - - - - -
- - - - - -
- 1,739 - - - -
- - - - - -
- - - - - -
- - - - - -
2,004,436 461,698 2,350 42,488 15,417 61,483
- - - - 685,102 -
- - - - - -
2,004,436 461,698 2,350 42,488 700,519 61,483
2,004,436$ 463,437$ 2,350$ 42,488$ 700,519$ 61,483$
Special Revenue
98
Special
Revenue
St. Joseph Fire
Services (210)
G.O.
Equipment
Certificates of
2023A (318)
G.O.
Improvement
Bonds of 2023A
(317)
G.O. Capital
Improvement
Plan Bonds of
2016A (301)
Assets
Cash and investments 861,038$ 18,137$ 107,532$ 22,215$
Taxes receivable - delinquent - 478 873 1,238
Special assessments receivable
Delinquent - - 353 -
Deferred - - 139,009 -
Accounts receivable 2,400 - - -
Interest receivable 4,236 393 3,474 630
Due from other governments 1,326 631 1,220 1,569
Notes receivable - - - -
Total assets 869,000$ 19,639$ 252,461$ 25,652$
Liabilities
Accounts payable 7,769$ 435$ -$ -$
Contracts payable - - - -
Salaries and benefits payable 100,214 - - -
Total liabilities 107,983 435 - -
Deferred Inflows of Resources
Unavailable revenue - property taxes - 478 873 1,238
Unavailable revenue - special assessments - - 139,362 -
Total deferred inflows of resources - 478 140,235 1,238
Fund Balances
Restricted 761,017 18,726 112,226 24,414
Committed - - - -
Assigned - - - -
Total fund balances 761,017 18,726 112,226 24,414
Total liabilities, deferred inflows
of resources, and fund balances 869,000$ 19,639$ 252,461$ 25,652$
December 31, 2025
City of St. Joseph
Debt Service
Combining Balance Sheet -
Nonmajor Governmental Funds
99
G.O. Industrial
Park Bonds of
2019A (308)
G.O.
Improvement
Bonds of 2019A
(307)
2021
Improvement
Bond [MN
St/Overlays]
(311)
G.O.
Improvement
Bond of 2020B
(310)
G.O. Capital
Improvement
Bonds of 2020B
(312)
Taxable
Crossover
Improvement
Bonds of
2014A/2020C
(314)
1,154,253$ 140,628$ 496,921$ 353,077$ 3,465$ 5,702$
- 475 715 50 393 836
- - 313 - - 498
156,181 150,556 187,609 24,840 - 37,729
- - - - - -
8,410 1,334 3,937 2,497 110 184
- 2,084 1,026 36 489 1,085
- - - - - -
1,318,844$ 295,077$ 690,521$ 380,500$ 4,457$ 46,034$
-$ -$ -$ -$ -$ -$
- - - - - -
- - - - - -
- - - - - -
- 475 715 50 393 836
156,181 150,556 187,922 24,840 - 38,227
156,181 151,031 188,637 24,890 393 39,063
1,162,663 144,046 501,884 355,610 4,064 6,971
- - - - - -
- - - - - -
1,162,663 144,046 501,884 355,610 4,064 6,971
1,318,844$ 295,077$ 690,521$ 380,500$ 4,457$ 46,034$
Debit Service
100
G.O.
Abatement
Bonds 2022A
(302)
G.O.
Improvement
Bonds of 2022
(315)
G.O.
Equipment
Certificate
2022A (316)
2024A G.O.
Improvement
Bonds of 2024
(319)
Assets
Cash and investments 896,007$ 28,811$ 15,008$ 578,229$
Taxes receivable - delinquent - 1,304 1,035 434
Special assessments receivable
Delinquent - - - -
Deferred - 101,696 - 114,584
Accounts receivable - - - -
Interest receivable 7,303 792 615 3,683
Due from other governments - 2,234 1,651 725
Notes receivable - - - -
Total assets 903,310$ 134,837$ 18,309$ 697,655$
Liabilities
Accounts payable -$ -$ -$ 889$
Contracts payable - - - 49,740
Salaries and benefits payable - - - -
Total liabilities - - - 50,629
Deferred Inflows of Resources
Unavailable revenue - property taxes - 1,304 1,035 434
Unavailable revenue - special assessments - 101,696 - 114,584
Total deferred inflows of resources - 103,000 1,035 115,018
Fund Balances
Restricted 903,310 31,837 17,274 532,008
Committed - - - -
Assigned - - - -
Total fund balances 903,310 31,837 17,274 532,008
Total liabilities, deferred inflows
of resources, and fund balances 903,310$ 134,837$ 18,309$ 697,655$
Debt Service
City of St. Joseph
Combining Balance Sheet -
Nonmajor Governmental Funds
December 31, 2025
101
G.O.
Improvement
Refunding
Bonds of 2025A
(320)
2025A
Equipment
Certificate
(321)
2025
Equipment
Certificate
(421)
Water Access
Fund (501)
Sewer Access
Fund (502)
Total
Governmental
Funds
159,108$ 1,834$ 260,051$ 514,841$ 271,995$ 8,719,565$
- - - - - 9,269
- - - - - 1,164
242,067 - - - - 1,154,271
5,007 - - - - 9,395
1,515 275 - - - 55,613
- - - - - 638,241
- - - - - 15,582
407,697$ 2,109$ 260,051$ 514,841$ 271,995$ 10,603,100$
-$ -$ -$ -$ -$ 17,699$
- - - - - 49,740
- - - - - 101,411
- - - - - 168,850
- - - - - 9,269
242,067 - - - - 1,155,435
242,067 - - - - 1,164,704
165,630 2,109 - - - 7,431,422
- - - - - 791,237
- - 260,051 514,841 271,995 1,046,887
165,630 2,109 260,051 514,841 271,995 9,269,546
407,697$ 2,109$ 260,051$ 514,841$ 271,995$ 10,603,100$
Capital ProjectsDebit Service
102
Economic
Development
Authority (250)
TIF 2-1
Millstream
Shops and Lofts
(257)
TIF 2-3 Bayou
Blues/Alley
Flat (259)
TIF 4-1
Fortitude
Senior Housing
(253)
Revenues
Property taxes 231,039$ -$ -$ -$
Tax increments - 49,079 46,057 80,774
Sales taxes - - - -
Lodging taxes - - - -
Special assessments - - - -
Intergovernmental - - - -
Charges for services 9,382 - - -
Miscellaneous
Investment income 4,967 2,401 101 1,963
Contributions and donations - - - -
Revolving loan repayments - - - -
Other - - - -
Total revenues 245,388 51,480 46,158 82,737
Expenditures
Current
Public safety - - - -
Culture and recreation - - - -
Economic development 177,616 48,321 42,843 74,115
Debt service
Principal - - - -
Interest and other charges - - - -
Capital outlay
General government - - - -
Public safety - - - -
Public works - - - -
Culture and recreation - - - -
Economic development 1,063 - - -
Total expenditures 178,679 48,321 42,843 74,115
Excess of revenues over
(under) expenditures 66,709 3,159 3,315 8,622
Other Financing Sources (Uses)
Bonds issued - - - -
Bond premium - - - -
Transfers in - - - -
Transfers out (80,000) - - -
Total other financing sources (uses)(80,000) - - -
Net change in fund balances (13,291) 3,159 3,315 8,622
Fund Balances
Beginning of year 119,426 48,655 (954) 36,964
End of year 106,135$ 51,814$ 2,361$ 45,586$
Special Revenue
City of St. Joseph
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
Year Ended December 31, 2025
103
State Collected
Sales Tax (200)
Park Dedication
(205)
Charitable
Gambling (215)
Lodging Tax
(220)
Revolving Loan
(251)
Deed Housing
(225)
-$ 50,000$ -$ -$ -$ -$
- - - - - -
672,696 - - - - -
- - - 14,860 - -
- - - - - -
- 519,713 - - - -
- 3,851 - - - -
72,866 10,700 76 1,553 28,122 2,840
- 80 - - - -
- - - - 663 -
- - - 1,438 - -
745,562 584,344 76 17,851 28,785 2,840
- - - - - -
- - 1,492 - - -
- - - 12,466 1,750 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 623,976 - - - -
- - - - - -
- 623,976 1,492 12,466 1,750 -
745,562 (39,632) (1,416) 5,385 27,035 2,840
- - - - - -
- - - - - -
- - 3,000 10,000 70,000 -
(450,000) - - - - -
(450,000) - 3,000 10,000 70,000 -
295,562 (39,632) 1,584 15,385 97,035 2,840
1,708,874 501,330 766 27,103 603,484 58,643
2,004,436$ 461,698$ 2,350$ 42,488$ 700,519$ 61,483$
Special Revenue
104
Special
Revenue
St. Joseph Fire
Services (210)
G.O.
Equipment
Certificates of
2023A (318)
G.O.
Improvement
Bonds of 2023A
(317)
G.O. Capital
Improvement
Plan Bonds of
2016A (301)
Revenues
Property taxes 240,860$ 89,868$ 174,458$ 224,449$
Tax increments - - - -
Sales taxes - - - -
Lodging taxes - - - -
Special assessments - - 33,322 -
Intergovernmental 13,829 - - -
Charges for services 163,384 - - -
Miscellaneous
Investment income 32,788 3,045 26,896 4,874
Contributions and donations 32,085 - - -
Revolving loan repayments - - - -
Other 2,513 - - -
Total revenues 485,459 92,913 234,676 229,323
Expenditures
Current
Public safety 374,377 - - -
Culture and recreation - - - -
Economic development - - - -
Debt service
Principal - 85,000 190,000 205,000
Interest and other charges - 17,404 81,815 67,312
Capital outlay
General government - - - -
Public safety 8,974 435 - -
Public works - - 1,638 -
Culture and recreation - - - -
Economic development - - - -
Total expenditures 383,351 102,839 273,453 272,312
Excess of revenues over
(under) expenditures 102,108 (9,926) (38,777) (42,989)
Other Financing Sources (Uses)
Bonds issued - - - -
Bond premium - - - -
Transfers in - - - -
Transfers out (10) - - -
Total other financing sources (uses)(10) - - -
Net change in fund balances 102,098 (9,926) (38,777) (42,989)
Fund Balances
Beginning of year 658,919 28,652 151,003 67,403
End of year 761,017$ 18,726$ 112,226$ 24,414$
City of St. Joseph
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
Year Ended December 31, 2025
Debt Service
105
G.O. Industrial
Park Bonds of
2019A (308)
G.O.
Improvement
Bonds of 2019A
(307)
2021
Improvement
Bond [MN
St/Overlays]
(311)
2020A
Equipment
Certificate
(309)
G.O.
Improvement
Bond of 2020B
(310)
G.O. Capital
Improvement
Bonds of 2020B
(312)
-$ 79,814$ 124,721$ 46,500$ 4,782$ 69,887$
- - - - - -
- - - - - -
- - - - -
- 45,609 69,739 - - -
- - - - - -
- - - - - -
86,547 10,324 30,480 534 19,331 852
- - - - - -
- - - - - -
- - - - - -
86,547 135,747 224,940 47,034 24,113 70,739
- - - - - -
- - - - - -
- - - - - -
215,000 155,000 260,000 45,000 65,000 60,000
49,525 35,075 74,039 728 8,809 10,389
- - - - - -
- - - - - -
79 - - - - -
- - - - - -
- - - - - -
264,604 190,075 334,039 45,728 73,809 70,389
(178,057) (54,328) (109,099) 1,306 (49,696) 350
- - - - - -
- - - - - -
- - 39,670 - - -
- - - (1,661) - -
- - 39,670 (1,661) - -
(178,057) (54,328) (69,429) (355) (49,696) 350
1,340,720 198,374 571,313 355 405,306 3,714
1,162,663$ 144,046$ 501,884$ -$ 355,610$ 4,064$
Debt Service
106
Taxable
Crossover
Improvement
Bonds of
2014A/2020C
(314)
G.O.
Abatement
Bonds 2022A
(302)
G.O.
Improvement
Bonds of 2022
(315)
G.O.
Equipment
Certificate
2022A (316)
Revenues
Property taxes 149,769$ -$ 53,453$ 41,205$
Tax increments - - - -
Sales taxes - - - -
Lodging taxes - - - -
Special assessments 10,266 - 19,350 -
Intergovernmental - - - -
Charges for services - - - 37,438
Miscellaneous
Investment income 1,427 56,531 6,132 4,759
Contributions and donations - - - -
Revolving loan repayments - - - -
Other - - - -
Total revenues 161,462 56,531 78,935 83,402
Expenditures
Current
Public safety - - - -
Culture and recreation - - - -
Economic development - - - -
Debt service
Principal 150,000 225,000 65,000 70,000
Interest and other charges 11,696 231,370 19,675 21,673
Capital outlay
General government - - - -
Public safety - - - -
Public works - - - -
Culture and recreation - - - -
Economic development - - - -
Total expenditures 161,696 456,370 84,675 91,673
Excess of revenues over
(under) expenditures (234) (399,839) (5,740) (8,271)
Other Financing Sources (Uses)
Bonds issued - - - -
Bond premium - - - -
Transfers in - 445,000 - -
Transfers out - - - -
Total other financing sources (uses)- 445,000 - -
Net change in fund balances (234) 45,161 (5,740) (8,271)
Fund Balances
Beginning of year 7,205 858,149 37,577 25,545
End of year 6,971$ 903,310$ 31,837$ 17,274$
Debt Service
City of St. Joseph
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
Year Ended December 31, 2025
107
2024A G.O.
Improvement
Bonds of 2024
(319)
G.O.
Improvement
Refunding
Bonds of 2025A
(320)
2025A
Equipment
Certificate
(321)
2023
Equipment
Certificates
(418)
2023 Street
Imp/Elm St
ROW Acq (417)
2024 Street
Improvement
Project (419)
105,176$ -$ -$ -$ -$ -$
- - - - - -
- - - - - -
- - - - - -
31,109 154,028 - - 57,451 -
- - - - - -
- - - - - -
28,512 11,729 2,132 - - 1
- - - - - -
- - - - - -
- - - - - -
164,797 165,757 2,132 - 57,451 1
- - - - - -
- - - - - -
- - - - - -
98,000 - - - - -
50,228 57,920 13,680 - - -
- - - 17,273 - -
- - - 11,470 - -
27,671 - - - 718,210 -
- - - 958 - -
- - - - - -
175,899 57,920 13,680 29,701 718,210 -
(11,102) 107,837 (11,548) (29,701) (660,759) 1
- - - - - -
- 57,793 13,657 - - -
365,169 - - - - -
- - - - - (365,169)
365,169 57,793 13,657 - - (365,169)
354,067 165,630 2,109 (29,701) (660,759) (365,168)
177,941 - - 29,701 660,759 365,168
532,008$ 165,630$ 2,109$ -$ -$ -$
Debt Service Capital Projects
108
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109
2025
Equipment
Certificate
(421)
Water Access
Fund (501)
Sewer Access
Fund (502)
Total Other
Governmental
Funds
Revenues
Property taxes -$ -$ -$ 1,685,981$
Tax increments - - - 175,910
Sales taxes - - - 672,696
Lodging taxes - - - 14,860
Special assessments - - - 420,874
Intergovernmental - - - 533,542
Charges for services - 199,150 204,847 618,052
Miscellaneous
Investment income - - - 452,483
Contributions and donations - - - 32,165
Revolving loan repayments - - - 663
Other - - - 3,951
Total revenues - 199,150 204,847 4,611,177
Expenditures
Current
Public safety - - - 374,377
Culture and recreation - - - 1,492
Economic development - - - 357,111
Debt service
Principal - - - 1,888,000
Interest and other charges - - - 751,338
Capital outlay
General government - - - 17,273
Public safety 116,994 - - 137,873
Public works 23,250 - - 770,848
Culture and recreation 28,549 - - 653,483
Economic development - - - 1,063
Total expenditures 168,793 - - 4,952,858
Excess of revenues over
(under) expenditures (168,793) 199,150 204,847 (341,681)
Other Financing Sources (Uses)
Bonds issued 410,000 - - 410,000
Bond premium 18,844 - - 90,294
Transfers in - - - 932,839
Transfers out - - - (896,840)
Total other financing sources (uses)428,844 - - 536,293
Net change in fund balances 260,051 199,150 204,847 194,612
Fund Balances
Beginning of year - 315,691 67,148 9,074,934
End of year 260,051$ 514,841$ 271,995$ 9,269,546$
Capital Projects
City of St. Joseph
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
Year Ended December 31, 2025
110
(THIS PAGE LEFT BLANK INTENTIONALLY)
111
Report on Internal Control over Financial Reporting
and on Compliance and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with
Government Auditing Standards
Independent Auditor's Report
Honorable Mayor and Members
of the City Council
City of St. Joseph
St. Joseph, Minnesota
We have audited, 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 (Government Auditing Standards),
the financial statements of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of St. Joseph, Minnesota, as of and
for the year ended December 31, 2025, and the related notes to financial statements, which
collectively comprise the City's basic financial statements, and have issued our report thereon dated
May 4, 2026.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal
control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the City's financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of
deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be
material weaknesses or significant deficiencies and therefore, material weaknesses or significant
deficiencies may exist that were not identified. We did identify a certain deficiency in internal
control, as described in the accompanying Schedule of Finding and Response on Internal Control that
we consider to be a material weakness, listed as audit finding 2025-001.
112
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
City's Response to Finding
Government Auditing Standards requires the auditor to perform limited procedures on the City's
response to the finding identified in our audit is described in the accompanying Schedule of Finding
and Response on Internal Control. The City's response was not subjected to the other auditing
procedures applied in the audit of the financial statements and, accordingly, we express no opinion
on the response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the result of that testing, and not to provide an opinion on the effectiveness of the
City's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
St. Cloud, Minnesota
May 4, 2026
113
Minnesota Legal Compliance
Independent Auditor's Report
Honorable Mayor and Members
of the City Council
City of St. Joseph
St. Joseph, Minnesota
We have audited, 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, the financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City of St. Joseph, Minnesota, as of and for the year ended
December 31, 2025, and the related notes to financial statements, which collectively comprise the
City's basic financial statements, and have issued our report thereon dated May 4, 2026.
In connection with our audit, nothing came to our attention that caused us to believe that the City
failed to comply with the provisions of the contracting – bid laws, depositories of public funds and
public investments, conflicts of interest, public indebtedness, claims and disbursements,
miscellaneous provisions, and tax increment financing sections of the Minnesota Legal Compliance
Audit Guide for Cities, promulgated by the State Auditor pursuant to Minnesota Statutes § 6.65,
insofar as they relate to accounting matters. However, our audit was not directed primarily toward
obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures,
other matters may have come to our attention regarding the City's noncompliance with the above
referenced provisions, insofar as they relate to accounting matters.
The purpose of this report is solely to describe the scope of our testing of compliance and the results
of that testing, and not to provide an opinion on compliance. Accordingly, this communication is not
suitable for any other purpose.
St. Cloud, Minnesota
May 4, 2026
City of St. Joseph
Schedule of Finding and Response on
Internal Control
114
CURRENT AND PRIOR YEAR INTERNAL CONTROL FINDING
Material Weakness
Audit Finding 2025-001 – Improve Segregation of Accounting Duties
Adequate segregation of accounting duties is in place when the four areas of a transaction have been
separated: authorization, custody, recording, and reconciliation.
As part of this year's audit, we reviewed the City's documentation of its internal control over
significant areas including: cash receipts, cash disbursements, capital assets, payroll, and utility
billing. The lack of adequate segregation of accounting duties could adversely affect the City's ability
to initiate, record, process, and report financial data consistent with the assertions of management
in the financial statements. Some of the areas in which we noticed a lack of segregation or an
overlap in duties are as follows:
Cash Receipts
The Administrative Assistant enters cash and checks into the point-of-sale system and reconciles
daily receipts. The Account Technician sends late notices/calculate penalties. The Police Clerk
records police receipts and receives payments. The Lead Records Technician reconciles the
collections. A Police Officer takes the deposit to the bank.
Cash Disbursements
The Finance Director is also an authorized signer and has access to the Mayor's electronic
signature. The Administrator reviews and approves checks for payment. At year-end, the Finance
Director reconciles and records accounts and contracts payable.
Capital Assets
The Finance Director records, processes, reconciles, and posts journal entries related to capital
assets. Department heads review their listing for accuracy.
Payroll
The Finance Technician enters employees' time, processes and posts payroll, generates a payroll
report, distributes paystubs to employees, and posts the journal entries related to payroll. In
addition, this same employee reconciles payroll accruals. The Finance Director reviews payroll
reports and time off balances and calculates compensated absences balances for the audit.
Utility Billing
The Account Technician enters new accounts into the utility billing system and uploads meter
readings via interfacing with electronic readers. The Account Technician enters any rate changes
to the system and can enter manual adjustments. The Account Technician calculates and enters
final bills, prints, and mails utility bills, reconciles receipts to billed amounts, and enters receipts
batches. The Finance Director approves adjustments and rate changes, and spots check individual
utility bill calculations.
Cash Reconciliation and Access
The Finance Director performs the above noted responsibilities, while also reconciling cash, and
generating manual journal entries.
115
City of St. Joseph
Schedule of Finding and Response on
Internal Control
CURRENT AND PRIOR YEAR INTERNAL CONTROL FINDING (CONTINUED)
Material Weakness (Continued)
Audit Finding 2025-001 – Improve Segregation of Accounting Duties (Continued)
City's Response:
The City Council and City staff are aware of the limited personnel handling the City's financial
matters. The processes and internal controls are reviewed frequently to look for ways to improve
internal controls. The department heads, City Clerk, Administrative Assistant, City Administrator and
City Council each have active roles in monitoring the financial matters of the City to provided
additional oversight. It is unlikely complete segregation of accountings duties will be achieved due to
the cost of hiring several additional staff.