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Surveillance Results In Rating Actions On 37 Midwest Issuers
<br /> bringing the unreserved general fund balance to$1.2 million or,in our view,a good 5.89%of expenditures.
<br /> Management expects to post a$350,000 deficit to the general fund in fiscal 2010 due primarily to a projected
<br /> decrease in property tax revenues.Management expects to keep the general fund balance between 2%-5%of
<br /> general fund expenditures.The city's overall net debt burden is,in our opinion,moderate at 4.1%of market value and
<br /> $3,038 per capita.Wayne's FMA score is"good".
<br /> Ypsilanti District Library(A+)
<br /> Ypsilanti District Library serves an estimated population of 83,000 in Washtenaw County,seven miles east of Ann A Sean Hughes
<br /> Arbor and 38 miles west of Detroit.Income levels in the district are,in our opinion,adequate,with median household
<br /> EBI at 65%of national levels.Market value grew by an annual average of 5.2%since 2004 to$4.97 billion in fiscal
<br /> 2008,or$56,067 per capita,which we consider strong.The district posted an$832,000 deficit in the general fund in -
<br /> fiscal 2008,driven largely by the funding of a capital reserve for equipment replacement.This brought the unreserved
<br /> general fund balance to$2.7 million or,in our view,a very strong 63%of expenditures.Management expects a small
<br /> .surplus in general fund operations for fiscal 2009.The district has reduced expenditures for fiscal 2010 to offset a
<br /> projected 7%decline in property tax revenues as well as reduced state aid revenue.The district's overall net debt
<br /> burden is,in our opinion,moderate at 5.75%of market value.The district's FMA score is"standard".
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<br /> Arden Hills(AA+)
<br /> Arden Hills serves an estimated population of 10,124 in Ramsey County and is located just 8 miles north of the A+ Kathryn —
<br /> Minneapolis-St Paul metropolitan area economy.Income levels in the city are,in our opinion,very strong,with Clayton
<br /> median household EBI at 137%of national levels.Market value grew by an annual average of 5.8%since 2005 to
<br /> $1.23 billion in 2008,or$121,701 per capita,which we consider extremely strong.The city does not receive local _
<br /> government aid from the state and as a result is reliant on property tax revenue,which makes up 75%of general fund
<br /> revenues.Arden Hills posted a$320,000 deficit in fiscal 2008 due to one-time capital expenditures,bringing the
<br /> unreserved general fund balance to$1.8 million or,in our view,an very strong 57.12%of expenditures.Historically,
<br /> management has made conservative budget assumptions and produced moderate general fund surpluses,
<br /> management expects to post a surplus of about$80,000 for fiscal year ended Dec.31,2009.The city also maintains
<br /> more than$7 million in the permanent improving revolving fund,which can be used as additional liquidity if needed.
<br /> Arden Hill's overall net debt burden is,in our opinion,low at 2.02%of market value and$2,457 per capita.The city's
<br /> FMA score is"good".
<br /> Maplewood Municipal Library District(A)
<br /> Maplewood Municipal Library District serves an estimated population of 8,694 in the city of Maplewood,which is A- John Sauter
<br /> located in St.Louis County about eight miles west of downtown St.Louis,Mo.Maplewood's income levels are,in our
<br /> opinion,adequate,with median household EBI at 68%of national levels.The district's assessed valuation has
<br /> declined by about 12.8%in the past two years to$160.1 million.Estimated market value is about$565.3 million,or --
<br /> $75,489 per capita,which we consider strong.We view the tax base as moderately concentrated,as the district's 10
<br /> leading tax payers constitute 32.4%of total assessed valuation.The district posted a$21,000 surplus in fiscal 2009,
<br /> bringing the unreserved general fund balance to$479,000 or,in our view,a very strong 102.8%of expenditures.We
<br /> understand that management budgeted for a slight use of reserves during fiscal 2010,and that current expectations
<br /> are in line with the budget.The district's direct debt burden totals an estimated 0.5%of market value and$352 per
<br /> capita.The district's FMA score is"standard'. -
<br /> Springfield-Greene County Library District(AA-)
<br /> Springfield-Greene County Library District serves an estimated population of 259,277 in Greene County,which is A+ John Sauter
<br /> anchored by the city of Springfield,Mo.County income levels are,in our opinion,adequate,with median household
<br /> EBI at 84%of national levels.The district's assessed valuation grew an average of 4.1%per year since 2005,
<br /> reaching approximately$4.1 billion in 2009.Estimated market value is about$17 billion,or$65,160 per capita,which
<br /> we consider strong.Countywide unemployment averaged 7.8%through November 2009,up from the 2008 annual
<br /> average of 5%.The district posted a$130,000 shortfall in fiscal 2009,bringing the unreserved general fund balance
<br /> to$4.7 million or,in our view,a very strong 39.9%of expenditures.We understand that management expects
<br /> breakeven general fund operations during fiscal 2010.The district's direct debt burden totals less than 1%of market
<br /> value and$20 per capita.The district's FMA score is"good'.
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<br /> Columbus(AAA/A-1+)
<br /> The short-term rating on the city of Columbus,Ohio's unlimited-tax GO sanitary sewer adjustable-rate bonds series AAA/A-1+ Caroline West
<br /> 2006-1 reflects the sufficient liquidity provided by the city's treasury investment portfolio to cover these bonds and
<br /> existing bonds using self-liquidity.Standard&Poor's Fund Services Group regularly monitors the credit quality, -
<br /> Standard & Poor's I RatingsDirect on the Global Credit Portal I March 15,2010 8
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