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09-11-07 FPAC Agenda
~ ---A~HILLS FINANCIAL PLANNING & ANALYSIS COMMITTEE TUESDAY, September 11,2007 6:00 P.M. Upstairs Conference Room, Arden Hills City Hall I. CALL MEETING TO ORDER AND ROLL CALL II. APPROVAL OF AGENDA III. APPROVAL OF August 14, 2007 MINUTES IV. CITY COUNCIL UPDATE - Councilmember Grant V. FUND BALANCE POLICY DISCUSSION A. Guest Speaker Jonathan North, former Vice-President and Co-Manager of the Midwest office for Moody's Public Finance Group B. Current CIP Plan C. Review of information that staff is still gathering VI. QUESTIONS/COMMENTS FROM COMMITTEE VII. NEXT MEETING AGENDA - September 11, 2007 A. Continue Fund Balance Policy Discussion VIII. ADJOURN A quorum of the City Council may be present at this meeting. City of Arden Hills 1245 West Highway 96. Arden Hills Minnesota 55112 Phone 651.634.5120. Fax 651.634.5137 www.ci.arden-hills.mn.us • MINUTES A D1JEEN HILLS • FINANCIAL PLANNING &ANALYSIS COMMITTEE TUESDAY, August 14, 2007 6:00 P.M. Upstairs Conference Room, Arden Hills City Hall CALL MEETING TO ORDER AND ROLL CALL The meeting was called to order by committee chair, Scott Bronson at 6:04pm MEMBERS PRESENT: Maurice Gieske, Scott Bronson, Al Hilgers, Jeff Johnson, Jim Ostlund, David Grant, Council Liaison OTHERS PRESENT: Sue Iverson, Finance Director; Joe Rueb, Accounting Analyst II. APROVAL OF AGENDA Current status of the investment policy? Passed Counc -;.r Gieske requested a copy of the final and appro d inyestment policy. dir Motioned: Jeff Johnson . Seconded: Maurice Gieske • III. APPROVAL OF July 10, 2007 MINUTES Motioned: Jeff Johnson r Seconded: Maurice Gieske u IV. CITY COUNCIL UPDATE -Conch&ember Grant At this time there are pla for a V •reens to be built on the South West corner of Arden Plaza. Some residents do not wakrlWal.i,-ens; an alternative for the Walgreens is an ALDI store. The closest ALDI to Arden Hills iSlrntly located off of Rice Street in Little Canada. Council does not have any authority to prevenYany specific building unless there are problems with set backs, transportation or other city related concerns. This new structure will block the ACE hardware store building. Ace's building and property is privately owed. Another concern is that the local pharmacy leases it building and may be affected by a Walgreens. There is a sliver of land located off of New Brighton Road of which 55 feet of that land is located in Arden Hills and that rest of the land is located in New Brighton. The owner of this property has requested that Arden Hills turns the property over to New Brighton. This topic has been tabled with the council. TCAAP: There is a concern that part of the property is going to be too dense in population. It is projected to contain 1700 household units on 30 acres of land. Council Member Grant feels as though there are not enough parks and trails throughout this property. From 2005 -2007 the total buildable acreage has decrease by approximately 100 acres, although the density has stayed the • City of Arden Hills 1245 West Highway 96 • Arden Hills Minnesota 55112 Phone 651.634.5120• Fax 651.634.5137 www.ci.arden-hills.mn.us • -fi`R EN HILLS same. Council Members Grant and Hoden plan to meet with the developers about these concerns. Bronson inquired about a date for approval of the site plan. A date has not been set at this time. The developer is still working on finishing drilling and waiting for results. The City is concerned with the amount of money and staff time being spent on TCAAP. Council has concerns that they have not been told the financial capacity of TCAAP. They are also concerned that there are not enough single family homes. 250 homes were originally projected, Council wanted 350, developer countered with 306. Council has approved funding for a Bocce Golf course located across from Lindey park. The County, MN DOT and the City met on August 13th to discuss Highway 10/96. They met to discuss grade, noise set backs, over and under passes, and keeping Scherer Bros. in their current location as the City is not interested in buying them out. Council approved an additional 16 units to be developed on Katie Lane. Council Member Grant asked the FPAC group for an approximate developer return with a total build out in 10-15 years. FPAC group approximated a,.'1-15% developer return. Council also approved the development of someipro ,y located off of Gateway Blvd in the corner of 694 and 35W. The plan calls for 495 0 square f et within 3 buildings. The smallest building will contain 30,000 square feet. Onl o the three buildings will be built at first with the third building to be built in the future. t build out value of this property is $75-$85 million. There are concerns about the ac` ibility for all the traffic projected for this development. Only a few years of T. ava le for this project. This TIF district has approximately $350,000 for roads. This ve, prit will hold the first structured parking in the • city. V. FINANCIAL POLICY DISCUSSION ttv Sue went through the Fin a ieesign and Implementation presentation from the GFOA. We need to promote I thinkingand strategic planning. Promote flexibility and checks & balances. Compare to pe Sfoups, t`nd historical information. Policy vs. Procedure: Policies dust differentiate between board-level decisions and staff-level procedures that support a policy. A request was placed for information pertaining to the Reserve, Investment, and Financial policies. VI. FUND BALANCE POLICY DISCUSSION Discussion included Reserve vs. Unreserved, Designated vs. Undesignated, and major reason for adopting specific parts. We have a good fund balance. We need to set up different designations. Need to avoid interest expenses. Issuing debt is not always bad as long as it is limited to a three month period. At year-end local governments should plan on a fund balance based on three to five months of expenditures. Where do we want to gather information from to set benchmarks? Johnson requested a rating agency report. Cities have policies regarding year end excess revenue. No need to be worried about reserved fund balances at year end. Only prepaid expenses have reserves; all else are unreserved. Bronson was wondering if there are any policies on reserved funds or on budgets. General fund is currently running at 53% unreserved. We do not receive much state aid. Need to use last year as an example. Look at • June and November fund balances for examples. Modified accrual requires one day out of the year to be on the accrual basis. City of Arden Hills ARP-Ej_N HILLS A. Reasons and Objectives for Policy B. What factors do we want to consider C. What information should we gather Do we need a reserve plan or a contingency plan? Look at potential tax loss if a company like Boston Scientific left Arden Hills. What are the financial implications? What would be the cash flow needs, what is left over? Is the city sitting on any property? At this time only the old city hall; no other major parcels of land. Requests for: CIP, equipment replacement plan, cash flow by month, example policies, OSA reports, project expected expenditures, resource plan, long range financial plan, reserve balance policies vs. other cities (same siz d after TCAAP is built out). Use the PCI rating to forecast when and wh oads d to be replaced. Need CIP for equipment replacement fund. What are the p ections fo e roads? Roads have a 30 year projected life span. The City is doing e al coating and crack filling to maintain roads longer. VII. NEXT MEETING AGENDA—September- f • A. Continue Fund Balance Policy Di ussi VIII. ADJOURN Motioned: Al Hilgers Seconded: Jeff Johnson Scott Bronson, Chair Susan K. Iverson, Finance Director • City of Arden Hills • APJ EN HILLS MEMORANDUM DATE: September 7, 2007 TO: Financial Planning and Analysis Committee FROM: Sue Iverson, Finance Director` " SUBJECT: Fund Balance Policy Discussions BACKGROUND: One of the priorities that the Council has assigned to this committee is to work on a Fund Balance Policy. At the August 14, 2007 meeting we began these discussions. We looked at the reasons and objectives for such a policy and discussed factors that we wanted to consider in • developing our policy. We also looked at what information we would need in order to make these decisions. DISCUSSION: As a result of the last meeting,we determined that we still have some questions to be answered. One of these was how rating agencies look at these factors and how do they compare with what is done in the private sector. As a way to better help answer those questions and also give the committee a broader prospective I have asked a friend of mine who used to work for Moody's Investor Services to speak at our meeting. He will explain how these policies are looked at by the rating agencies and how they compare to private sector. He will also be able to give you examples of various projects or policies that they used in making determinations in issuing credit ratings. Whether we use bonding,Tax Increment Financing(TIF), other financing tools, or just our own resources; this will be relevant information to answer your questions and also explain how outside agencies, creditors, or the public may look at our policies and structure. Feel free to ask him any questions you may have. Our goal is to establish 1) How financial resources are to be set aside for unreserved fund balances, 2)Determine the appropriate size of unreserved fund balances, and 3) Methods for utilizing unreserved fund balance resources. S Memo Fund Balance Policy Discussions 2 • We also must keep in mind that we are still in an information gathering phase. Staff is still gathering information for the committee. We have included the current working copy of the Capital Improvement Plan (CIP)that is being worked on for 2008. Staff is also gathering sample policies, compiling fund balances (working capital and unreserved) and cash reserve analysis for future discussions. The committee may add more to this list after Jonathan's presentation. RECOMMENDED ACTION: Provide staff direction on what additional information the committee feels is needed to further discuss and work on this policy. • • 61115 U 1 4 H a. . . 0 < LL Cf) CD Igiii 51)C 2 _ = NM E 1:313) 0 Eg 0 QN w " 0 0 inti 0) Q Cr) - O 40 0 .. cy) 0 O NM 4IIP 4- .= -, CD Si 7:Jai (I) il-) (VS 0 Illfik CL CL 40 IN 5 le a E(11) ig co ii 011101 SIM LI i 3 10101 14,1 s,. = /�O i . 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(,) L_ a)„. ,. ocf) Q) _ c.,) U) a) a) Q) +� c = = c Cl) -..= U f -— Ca a) cn a) O o to = CZ a) I- Ov a) I- _ I— O a) J a) J J 1 • • • F O U LC) U 00 O - r O O • �3; • - R EN HILLS MEMORANDUM DATE: September 7, 2007 TO: Financial Planning and Analysis Committee FROM: Sue Iverson, Finance Director SUBJECT: Supplemental Information BACKGROUND: At the August 14, 2007 meeting the committee requested additional information from staff. DISCUSSION: Attached is information that was requested by the committee at the last meeting. (1) Reports from the Office of the State Auditor(OSA) (2) Rating Agency Report for Arden Hills (3) Draft CIP RECOMMENDED ACTION: None. • 05ft Notes: The information above includes the four funds through which most governmental activities are financed. The four governmental fund types are: general, special revenue, debt service, and capital projects. In addition, it includes governmental fund type component units. It does not include enterprise funds (such things as water or electric utilities for example). For more information about city enterprise funds please see Tables 14 to 23 in our - .• l A , . ',an SPECIAL NOTE ABOUT "RANK": The "rank" is of the per capita amount. Using per capita amounts allows for better comparisons. Rather than ranking all 853 cities together, rankings are broken up between cities above 2500 in population (large cities) and cities below 2500 in population (small cities). There are 209 cities above 2500 in population and 644 cities below 2500 in population. This means, for example, that if a city is under 2500 in population and ranks 25th in Total Debt Service, it is the 25th highest of the 644 cities under 2500. Further, rankings are only done among cities that have revenues or expenditures for a given category. For example, if there are 98 large cites that have "ambulance" expenditures,then the rank would be "x" of 98. Glossary of Terms BENEFITS — This represents the amount paid in benefits to city employees. This does not include benefits paid to employees of city enterprises (such as public utilities). This data is not available prior to 2003. CAPITAL OUTLAY - These expenditures include the purchase, construction or permanent improvements of buildings, equipment,machinery, and land. DEBT SERVICE EXPENDITURES - These expenditures reflect the annual costs of servicing the outstanding debt of the local government. These costs include principal, interest, and some fiscal charges. FEES AND SERVICE CHARGES - These revenues reflect fees for activities of the governmental funds. These include rent of city hall by individuals or organizations, police and fire contracts, fire calls,recreation fees,park dedication fees, etc. FINES AND FORFEITS - These revenues reflect receipts from the payment of penalties for law violations,non-observance of contracts, and forfeited deposits. FULL-TIME EMPLOYEES — This represents the number of fulltime employees that the city has reported to the State Auditor's Office. This does not include employees of city enterprises (such as public utilities). This data is not available prior to 2003. FUND BALANCE DESIGNATION - The State Auditor's Office recommends than most cities keep their unreserved fund balance at between 35 and 50 percent of total IIIcurrent expenditures. This chart only examines the unreserved fund balance of the 508 cities (both large and small) that use a modified accrual basis of accounting. The remaining cities use a "cash-basis" of accounting and therefore this category would not apply. The State Auditor has concerns about the financial health of cities maintaining a fund balance below 20 percent of total current expenditures. These cities may not have enough reserves to carry them through financial downturns or unexpected contingencies. The Auditor also has concerns about cities that maintain fund balances far exceeding what is needed to carry them through financial downturns. Taxpayers in cities that have either low or high unreserved fund balances should press their local officials to explain the city's fund balance policy. For more information about unreserved fund balances please see our recent report Minnesota City Finances. FUND BALANCE % - This represents the percentage of unreserved fund balance versus total current expenditures. If a city has an unreserved fund balance of 75% as of December 31, 2003, this means that they have funds in reserve that equal 75% of what they spent that year. The State Auditor's Office recommends than most cities keep their fund balance at between 35 and 50 percent of total current expenditures. This data is not available on the chart prior to 2003, however it is available in PDF format in our 2001 and 2002 reports. 0 HEALTH - These expenditures are for the maintenance of vital statistics, restaurant inspection, communicable disease control, and various health services and clinics. HOUSING AND ECONOMIC DEVELOPMENT - These expenditures are for development and redevelopment activities in economically disadvantaged areas. GENERAL FUND - The fund used to account for all financial resources not required to be accounted for in another fund. This fund is the main operating fund. INTEREST EARNINGS - These revenues reflect interest earned on checking and savings accounts, CDs, money market funds, and bonds. This category also includes dividends. In addition, the net increase or decrease in the fair value of investments is recorded here. LICENSES AND PERMITS - These revenues reflect receipts from liquor licenses, cigarette licenses, other business licenses, street use permits, buildings permits, and other non-business licenses and permits. OTHER EXPENDITURES - These expenditures reflect the costs of activities that were not allocated to a specific function. Some activities included in this category are pension and insurance costs not allocated to a specific department. • OTHER REVENUES -These revenues refer to refunds, reimbursements, donations, and 111111 lease payments. N/A — In the ranking column this means there was no rank due to the fact there was no expenditure in this category. Also, rankings are not in the database prior to 2003. N/A in other categories means the data is unavailable, or does not apply. NET TAX LEVY - The city net property taxes, after state property tax relief aids or grants,required to be paid by the property owners of the city. PARKS AND RECREATION - These expenditures reflect park maintenance, mowing, planting, and removal of trees. Recreation expenditures include festivals, bands, museums, community centers, baseball fields, organized recreation activities, etc. PART-TIME EMPLOYEES — This represents the number of part-time employees that the city has reported to the State Auditor's Office. This does not include part-time employees of city enterprises (such as public utilities). This data is not available prior to 2003. PER CAPITA - This represents the amount of a particular category per person. For example, if the "Total Revenues" of a city are $634, that means the city received an average of$634 dollars per person in "Total Revenues." • PUBLIC SAFETY EXPENDITURES - These expenditures reflect the costs related to the protection of persons and property. This category combines several distinct city departments, including police, fire, ambulance services, and other protection. RANK - This is how the city ranks versus other cities in the state on a per capita basis. Cities are only ranked against cities that are in the same population group (over or under 2500 in population), and only in categories that have revenue or expenditures. SALARIES — This represents the amount paid in salaries to city employees. This does not include salaries paid to employees of city enterprises (such as public utilities). It also does not include benefits. This data is not available prior to 2003. SANITATION - These expenditures reflect the costs of refuse collection and disposal, recycling, as well as weed and pest control. Some cities provide sanitation services through enterprise funds. SPECIAL ASSESSMENTS - These revenues refer to levies made against certain properties to defray all or part of the costs of a specific improvement, such as new sewer and water mains, deemed to benefit primarily those properties. The amount includes the penalties and interest paid on the assessments. SPECIAL REVENUE FUNDS - A fund used to account for the proceeds of specific • revenue sources that are restricted to expenditures for a specific purpose. • STREETS AND HIGHWAYS EXPENDITURES - These expenditures reflect the costs associated with the maintenance and repair of local highways, streets, bridges, and street equipment. Common expenditures include patching, seal coating, and snow removal. Expenditures for road construction are not included in current expenditures but are accounted for as capital outlay. TAXABLE TAX CAPACITY - The tax capacity less the tax increment district value, less the fiscal disparities contribution value,plus the fiscal disparities distribution value. TAX CAPACITY - The value assigned to the property used to calculate the property taxes. TAX INCREMENTS - These revenues refer to the amount of resources cities generate when they establish tax increment financing (TIF) districts. In a TIF district, the increase in property tax revenues in the redeveloped area are used to pay the costs of development and redevelopment in the district rather than the general services of the city, county, and school district. TOTAL CURRENT EXPENDITURES - This category reflects the total of all expenses relating to current operations. TOTAL EXPENDITURES - This category includes current operating expenses, capital • outlays, and debt service principal and interest payments. TOTAL REVENUES - This category reflects all sources of revenue that increase the amount of available resources without creating a liability or a future payment. Borrowing and transfers between funds are not included in total revenues. • • Page l of 1 Uvsroi • A.":47:4,.. 4''''Y:'.1. Minnesota State Auditor's Office �,u ---M�, City Financial Data Search v� a *Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK':The"rank"is of theper capita amount. ♦Description p /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact *Sian up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. 'E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) a- MOUNDS VIEW(RAMSEY) . Summary Finances ,,. Search 2005 Search 2005 i Search *County Financial City:ARDEN HILLS City:MOUNDS VIEW Data Search County:RAMSEY County:RAMSEY )'City Financial Data Year:2005 Year:2005 Search Population:9787 Population:12442 *TownshipSearch Financial Description Amount Per Capita Rank Amount Per Capita Rank ',Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $8,327,599 $669.31 115 of 218 Search Net Tax Levy "'Best Practices $2,256,477 $230.56 146 of 218 $3,136,948 $252.13 119 of 218 Cooperative Effort Property Taxes $2,345,637 $239.67 126 of 218 $3,625,672 $291.41 80 of 218 Search Special Assessments $397,980 $40.66 126 of 213 $144,443 $11.61 190 of 213 • /Mandate Reform Licenses and Permits $325,109 $33.22 91 of 218 $189,675 $15.24 172 of 218 Proposals Federal Grants $0 $0.00 N/A $12,500 $1.00 142 of 155 For Local Officials State Grants $330,914 $33.81 188 of 218 $1,116,732 $89.76 140 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $185,817 $14.93 45 of 165 Process Total Intergovernmental rForms Revenues $330,914 $33.81 199 of 218 $1,315,049 $105.69 141 of 218 /Fire Relief Association Working Interest Earnings $265,029 $27.08 98 of 218 $366,355 $29.45 83 of 218 Group All Other Revenues $382,964 $39.13 114 of 217 $922,803 $74.17 70 of 217 /Best Practices Reviews Total Revenues $4,818,688 $492.36 208 of 218 $9,397,531 $755.31 140 of 218 /CTAS Total Borrowing $0 $0.00 N/A $1,275,120 $102.49 110 of 140 /FRPAS General Government 'GASB 34 and Other $861,906 $88.07 132 of 218 $804,206 $64.64 188 of 218 Governmental Police and Ambulance $718,252 $73.39 187 of 218 $1,835,692 $147.54 87 of 218 Accounting Fire $230,936 $23.60 188 of 218 $1,485,371 $119.38 6 of 218 /Legal Compliance Guide Other Public Safety $188,554 $19.27 92 of 200 $0 $0.00 N/A /Statements of Streets and Highways $488,668 $49.93 193 of 218 $574,687 Position $46.19 202 of 218 /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health /Educational $0 $0.00 N/A $0 $0.00 N/A Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $963,541 $77.44 68 of 218 /Published Articles Housing and Economic %Related Links Development $407,646 $41.65 81 of 189 $1,434,449 $115.29 20 of 189 north Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 Directions $0 $0.00 N/A Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $7,120,018 $572.26 90 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $1,578,931 $126.90 180 of 216 Total Debt Service $288,203 $29.45 201 of 212 $801,183 $64.39 180 of 212 • Total Expenditures $4,702,224 $480.46 205 of 218 $8,698,949 $699.16 155 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 ,..,,47...... e ,., . .',4., Minnesota State Auditor's Office a4 . �' ' :x Ajt. > 1 ' 1 City Financial Data Search tSite Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description P /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact there was no expenditure in this category. N/A in other categories means "Sign up for E- the data is unavailable,or does not apply. Updates PP Y FE-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) El NEW BRIGHTON(RAMSEY) : /Summary Finances Search 2005 is. Search 2005 ti Search "County Financial City:ARDEN HILLS City:NEW BRIGHTON Data Search County:RAMSEY County:RAMSEY O'City Financial Data Year:2005 Year:2005 Search Population:9787 Population:22113 Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search 'Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $18,168,087 $821.60 72 of 218 Search Net Tax Levy $2,256,477 $230.56 146 of 218 $5,371,494 $242.91 133 of 218 "Best Practices Cooperative Effort Property Taxes $2,345,637 $239.67 126 of 218 $5,882,683 $266.03 103 of 218 Search Special Assessments $397,980 $40.66 126 of 213 $330,975 $14.97 182 of 213 4. /Mandate Reform Licenses and Permits $325,109 $33.22 91 of 218 $646,285 $29.23 107 of 218 Proposals Federal Grants $0 $0.00 N/A $13,164 $0.60 145 of 155 For Local Officials State Grants $330,914 $33.81 188 of 218 $1,364,831 $61.72 165 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $194,955 $8.82 75 of 165 Process Total Intergovernmental /Forms Revenues $330,914 /Fire Relief $33.81 199 of 218 $1,572,950 $71.13 169 of 218 Association Workinq Interest Earnings $265,029 $27.08 98 of 218 $1,576,372 $71.29 4 of 218 GrOUp All Other Revenues $382,964 $39.13 114 of 217 $3,507,430 $158.61 24 of 217 /Best Practices Reviews Total Revenues $4,818,688 $492.36 208 of 218 $20,244,220 $915.49 91 of 218 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $861,906 $88.07 132 of 218 $1,466,849 $66.33 182 of 218 /GASB 34 and Other Governmental Police and Ambulance $718,252 $73.39 187 of 218 $3,556,150 $160.82 62 of 218 Accountinq Fire $230,936 $23.60 188 of 218 $593,381 $26.83 155 of 218 /Legal Compliance Guide Other Public Safety $188,554 $19.27 92 of 200 $0 $0.00 N/A /Statements of Streets and Highways $488,668 $49.93 193 of 218 $1,912,831 $86.50 102 of 218 Position "'Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A / $0 $0.00 N/A Educational Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $3,056,577 $138.23 15 of 218 /Published Articles Housing and Economic /Related Links Development $407,646 $41.65 81 of 189 $12,327,305 $557.47 1 of 189 northstarl Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 $3,141,984 $142.09 2 of 144 Directions Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $26,241,585 $1,186.70 2 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $639,345 $28.91 215 of 216 Total Debt Service $288,203 $29.45 201 of 212 $5,195,072 $234.93 67 of 212 • Total Expenditures $4,702,224 $480.46 205 of 218 $26,880,930 $1,215.62 35 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 vvrrott 40 .4 ,' Minnesota State Auditor's Office o �, 1X ?d o City Financial Data Search O'Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description P /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact ►Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. WE-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) SHOREVIEW(RAMSEY) /SummaSearch ry Finances 2005 Search 2005 Search /County Financial City:ARDEN HILLS City:SHOREVIEW Data Search County:RAMSEY County:RAMSEY !City Financial Data Year:2005 Year:2005 Search Population:9787 Population:25964 I'Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search ►Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $27,134,819 $1,045.09 34 of 218 Search Net Tax Levy $2,256,477 $230.56 146 of 218 $6,351,361 $244.62 127 of 218 I'Best Practices Cooperative Effort Property Taxes $2,345,637 $239.67 126 of 218 $6,443,342 $248.16 119 of 218 Search Special Assessments $397,980 $40.66 126 of 213 $223,774 $8.62 194 of 213 0 /Mandate Reform Licenses and Permits Federal Grants $325,109 $33.22 91 of 218 $479,418 $18.46 159 of 218 Proposals $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $330,914 $33.81 188 of 218 $720,361 $27.74 193 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $243,753 $9.39 73 of 165 Process Total Intergovernmental Forms Revenues $330,914 $33.81 199 of 218 $964,114 $37.13 196 of 218 /Fire Relief Association Working Interest Earnings $265,029 $27.08 98 of 218 $264,449 $10.19 194 of 218 Group All Other Revenues $382,964 $39.13 114 of 217 $439,619 $16.93 170 of 217 /Best Practices Reviews Total Revenues $4,818,688 $492.36 208 of 218 $15,243,148 $587.09 192 of 218 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $861,906 $88.07 132 of 218 $1,668,283 $64.25 190 of 218 /GASB 34 and Other Governmental Police and Ambulance $718,252 $73.39 187 of 218 $1,342,978 $51.72 198 of 218 Accounting Fire $230,936 $23.60 188 of 218 $665,617 $25.64 170 of 218 /Legal Compliance Guide Other Public Safety $188,554 $19.27 92 of 200 $273,486 $10.53 145 of 200 /Statements of Streets and Highways $488,668 $49.93 193 of 218 $2,024,740 $77.98 128 of 218 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A / $0 $0.00 N/A Educational Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $4,975,817 $191.64 4 of 218 /Published Articles Housing and Economic /Related Links Development $407,646 $41.65 81 of 189 $741,310 $28.55 103 of 189 northstal Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 $37,355 $1.44 121 of 144 Directions Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $12,118,263 $466.73 142 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $2,667,448 $102.74 190 of 216 • Total Debt Service $288,203 $29.45 201 of 212 $2,331,587 $89.80 164 of 212 Total Expenditures $4,702,224 $480.46 205 of 218 $14,785,711 $569.47 189 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 .0140 • ,max , : : Minnesota State Auditor's Office oL. =x ad - ;off City Financial Data Search *Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of the per capita amount. /Description Rankings are broken up between cities above 2500 in population(large /About State Auditor Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact *Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. FE-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) ' ' ROSEVILLE(RAMSEY) la /Summary Finances zs Search 2005 Search 2005 Search *County Financial City:ARDEN HILLS City:ROSEVILLE Data Search County:RAMSEY County:RAMSEY *City Financial Data Year:2005 Year:2005 Search Population:9787 Population:33882 *Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search 'Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $39,897,158 $1,177.53 25 of 218 Search Net Tax Levy $2,256,477 $230.56 146 of 218 $9,122,655 $269.25 100 of 218 Best Practices Property Taxes $2,345,637 $239.67 126 of 218 $9,866,249 $291.19 81 of 218 Cooperative Effort p y Search Special Assessments $397,980 $40.66 126 of 213 $628,237 $18.54 174 of 213 0 ,Mandate Reform Licenses and Permits $325,109 $33.22 91 of 218 $2,363,280 $69.75 30 of 218 Proposals Federal Grants $0 $0.00 N/A $513,811 $15.16 80 of 155 For Local Officials State Grants $330,914 $33.81 188 of 218 $1,689,438 $49.86 173 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $42,666 $1.26 149 of 165 Process Total Intergovernmental Forms Revenues $330,914 $33.81 199 of 218 $2,245,915 $66.29 173 of 218 /Fire Relief Association Working Interest Earnings $265,029 $27.08 98 of 218 $641,583 $18.94 151 of 218 Qrg_iR All Other Revenues $382,964 $39.13 114 of 217 $1,336,239 $39.44 113 of 217 /Best Practices Reviews Total Revenues $4,818,688 $492.36 208 of 218 $22,826,191 $673.70 168 of 218 ,CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $861,906 $88.07 132 of 218 $3,474,651 $102.55 103 of 218 /GASB 34 and Other Governmental Police and Ambulance $718,252 $73.39 187 of 218 $4,700,179 $138.72 103 of 218 Accounting Fire $230,936 $23.60 188 of 218 $1,745,672 $51.52 60 of 218 /Legal Compliance Guide Other Public Safety $188,554 $19.27 92 of 200 $497,465 $14.68 124 of 200 /Statements of Streets and Highways $488,668 $49.93 193 of 218 $1,780,147 $52.54 190 of 218 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A / $0 $0.00 N/A Educational Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $3,015,485 $89.00 54 of 218 /Published Articles Housing and Economic /Related Links Development $407,646 $41.65 81 of 189 $1,308,324 $38.61 83 of 189 north'ta) Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 $0 $0.00 N/A Directions Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $16,521,923 $487.63 129 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $2,981,084 $87.98 196 of 216 ill Total Debt Service $288,203 $29.45 201 of 212 $1,537,566 $45.38 191 of 212 Total Expenditures $4,702,224 $480.46 205 of 218 $19,503,007 $575.62 188 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 • '47... '',., 7,,,,i ,'- Minnesota State Auditor's Office ,?i:. = rm City Financial Data Search (Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description P /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example,if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact *Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. FE-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) M VADNAIS HEIGHTS(RAMSEM /Summary Finances 2005 gi Search 2005 Search Search *County Financial City:ARDEN HILLS City:VADNAIS HEIGHTS Data Search County:RAMSEY County:RAMSEY 'City Financial Data Year:2005 Year:2005 Search Population:9787 Population:13241 *Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search *Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $12,858,292 $971.10 42 of 218 *Search Net Tax Levy $2,256,477 $230.56 146 of 218 $2,386,693 $180.25 187 of 218 Best Practices Cooperative Effort Property Taxes $2,345,637 $239.67 126 of 218 $2,452,401 $185.21 175 of 218 Search Special Assessments $397,980 $40.66 126 of 213 $563,771 $42.58 122 of 213 ill /Mandate Reform Licenses and Permits Federal Grants $325,109 $33.22 91 of 218 $567,250 $42.84 65 of 218 Proposals $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $330,914 $33.81 188 of 218 $531,476 $40.14 185 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $88,753 $6.70 82 of 165 Process Total Intergovernmental "Forms /Fire Relief Revenues $330,914 $33.81 199 of 218 $620,229 $46.84 189 of 218 Association Workinq Interest Earnings $265,029 $27.08 98 of 218 $360,772 $27.25 97 of 218 GrOUp All Other Revenues $382,964 $39.13 114 of 217 $312,979 $23.64 156 of 217 /Best Practices Reviews Total Revenues $4,818,688 $492.36 208 of 218 $8,277,684 $625.16 182 of 218 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $861,906 $88.07 132 of 218 $1,085,947 /GASB 34 and Other $82.01 150 Of 218 Governmental Police and Ambulance $718,252 $73.39 187 of 218 $733,539 $55.40 193 of 218 Accounting Fire $230,936 $23.60 188 of 218 $548,019 $41.39 80 of 218 /Legal Compliance Guide Other Public Safety $188,554 $19.27 92 of 200 $0 $0.00 N/A /Statements of Streets and Highways $488,668 $49.93 193 of 218 $542,341 $40.96 208 of 218 Position /Accounting Sanitation $0 $0.00 N/A $28,750 $2.17 32 of 47 Documents Health $0 $0.00 N/A /Educational $0 $0.00 N/A Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $573,294 $43.30 137 of 218 /Published Articles Housing and Economic /Related Links Development $407,646 $41.65 81 of 189 $262,732 $19.84 118 of 189 north ta� Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 $0 $0.00 N/A Directions Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $3,774,622 $285.07 207 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $3,200,308 $241.70 123 of 216 111, Total Debt Service $288,203 $29.45 201 of 212 $4,018,820 $303.51 41 of 212 Total Expenditures $4,702,224 $480.46 205 of 218 $6,974,930 $526.77 197 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 • Page 1 of 1 • ,• . Minnesota State Auditor's Office y an -• s .Q. City Financial Data Search 41 vw .'..:,iv O'Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description p /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /'Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact ►sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. II'E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) al NORTH OAKS(RAMSEY) /Summary Finances Search 2005uz ft,3 Search 2005 Search 'County Financial City:ARDEN HILLS City:NORTH OAKS Data Search County:RAMSEY County:RAMSEY "'City Financial Data Year:2005 Year:2005 Search Population:9787 Population:4502 I'Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search Special District Taxable Tax Capacity $11,317,047 $1,156.33 26 of 218 $10,318,210 $2,291.92 6 of 218 Search Net Tax Levy O'Best Practices $2,256,477 $230.56 146 of 218 $875,403 $194.45 179 of 218 Cooperative Effort Property Taxes $2,345,637 $239.67 126 of 218 $891,574 $198.04 163 of 218 Search Special Assessments $397,980 $40.66 126 of 213 $2,067 $0.46 211 of 213 S /Mandate Reform Licenses and Permits $325,109 $33.22 91 of 218 $356,106 $79.10 21 of 218 Proposals Federal Grants $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $330,914 $33.81 188 of 218 $13,819 $3.07 215 of 218 'Cooperative Waiver Local Grants $0 $0.00 N/A $7,713 $1.71 143 of 165 /Forms Process Total Intergovernmental 'Fire Relief Revenues $330,914 $33.81 199 of 218 $21,532 $4.78 215 of 218 Association Working Interest Earnings $265,029 $27.08 98 of 218 $43,663 $9.70 200 of 218 Gr-o�u All Other Revenues $382,964 $39.13 114 of 217 $2.93 215 of 217 /Best Practices $13,181 Reviews Total Revenues $4,818,688 $492.36 208 of 218 $1,887,024 $419.15 214 of 218 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government 'GASB 34 and Other $861,906 $88.07 132 of 218 $396,562 $88.09 131 of 218 Governmental Police and Ambulance $718,252 $73.39 187 of 218 $403,624 $89.65 174 of 218 Accounting Fire /Legal Compliance $230,936 $23.60 188 of 218 $120,621 $26.79 156 of 218 Guide Other Public Safety $188,554 $19.27 92 of 200 $268,857 $59.72 6 of 200 /Statements of Streets and Highways $488,668 $49.93 193 of 218 $5.08 218 of 218 Position $22,882 /Accounting Sanitation $0 $0.00 N/A $407,672 Documents Health $90.55 1 of 47 $0 $0.00 N/A $0 $0.00 N/A /Educational Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $595,904 $60.89 96 of 218 $24,590 $5.46 213 of 218 /Published Articles Housing and Economic /Related Links Development $407,646 $41.65 81 of 189 $0 $0.00 N/A ::;north tal Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $181,641 $18.56 47 of 144 $133,056 $29.55 25 of 144 Directions Employment Total Current Privacy Notice Expenditures $3,673,507 $375.35 181 of 218 $1,878,333 $417.22 161 of 218 Total Capital Outlay $1,028,717 $105.11 189 of 216 $0 $0.00 N/A • Total Debt Service $288,203 $29.45 201 of 212 $0 $0.00 N/A Total Expenditures $4,702,224 $480.46 205 of 218 $1,878,333 $417.22 215 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 gab`:' i `P. , • Minnesota State Auditor's Office .s 4 City Financial Data Search "-.-r1r�� I Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. Description p /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact there was no expenditure in this category. N/A in other categories means "'Sign up for E- the data is unavailable,or does not apply. Updates pp y. ®E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) SiARDEN HILLS(RAMSEY) /Summary Finances Search 2004 Search 2005 i Search 'County Financial City:ARDEN HILLS City:ARDEN HILLS Data Search County:RAMSEY County:RAMSEY PCity Financial Data Year:2004 Year:2005 Search Population:9620 Population:9787 Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search ►Special District Taxable Tax Capacity $9,966,940 $1,036.06 28 of 217 $11,317,047 $1,156.33 26 of 218 Search Net Tax Levy $2,148,560 PBest Practices $223.34 129 of 217 $2,256,477 $230.56 146 of 218 Cooperative Effort Property Taxes $2,244,729 $233.34 114 of 217 $2,345,637 $239.67 126 of 218 Search Special Assessments $235,803 $24.51 157 of 213 $397,980 $40.66 126 of 213 ID /Mandate Reform Licenses and Permits $510,963 $53.11 52 of 217 $325,109 $33.22 91 of 218 Proposals Federal Grants $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $77,826 $8.09 215 of 217 $330,914 $33.81 188 of 218 /Cooperative Waiver Local Grants $0 $0.00 N/A $0 $0.00 N/A Process Total Intergovernmental /Forms Revenues /Fire Relief $77,826 $8.09 215 of 217 $330,914 $33.81 199 of 218 Association Working Interest Earnings $283,525 $29.47 54 of 217 $265,029 $27.08 98 of 218 Gr_c All Other Revenues $282,142 $29.33 135 of 214 $382,964 $39.13 114 of 217 /Best Practices Reviews Total Revenues $4,510,942 $468.91 209 of 217 $4,818,688 $492.36 208 of 218 /CTAS Total Borrowing $2,395,000 $248.96 83 of 157 $0 $0.00 N/A /FRPAS General Government $823,980 $85.65 133 of 217 /GASB 34 and Other $861,906 $88.07 132 of 218 Governmental Police and Ambulance $705,357 $73.32 185 of 217 $718,252 $73.39 187 of 218 Accounting Fire $219,736 $22.84 185 of 217 $230,936 $23.60 188 of 218 /Legal Compliance Guide Other Public Safety $205,826 $21.40 80 of 195 $188,554 $19.27 92 of 200 /Statements of Streets and Highways $386,427 $40.17 205 of 217 $488,668 P $49.93 193 of 218 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A /Educational $0 $0.00 N/A Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $428,135 $44.50 128 of 216 $595,904 $60.89 96 of 218 /Published Articles Housing and Economic /Related Links Development $152,165 $15.82 143 of 192 $407,646 $41.65 81 of 189 r north Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $269,111 $27.97 19 of 140 $181,641 $18.56 47 of 144 Directions Employment Total Current Privacy Notice Expenditures $3,190,737 $331.68 193 of 217 $3,673,507 $375.35 181 of 218 Total Capital Outlay $2,472,767 $257.04 118 of 216 $1,028,717 $105.11 189 of 216 • Total Debt Service Total Expenditures $311,582 $32.39 204 of 214 $288,203 $29.45 201 of 212 $5,663,504 $588.72 177 of 217 $4,702,224 $480.46 205 of 218 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 • Minnesota State Auditor's Office .'4. , ,� ,,;r'0 City Financial Data Search "Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) !Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of the per capita amount. /Description Rankings are broken u P between cities above 2500 in (large /About State Auditorpopulation Otto cities)and cities below 2500 in population(small cities).Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact "Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable, or does not apply. FE-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) fa ARDEN HILLS(RAMSEY) m. /Summary Finances 2002 Search 2003 Search Search 'County Financial City:ARDEN HILLS City:ARDEN HILLS Data Search County:RAMSEY County:RAMSEY "City Financial Data Year:2002 Year:2003 Search Population:9660 Population:9457 Town h ship Financial Description Amount Per Capita Rank Amount Per Capita Rank "Special District Taxable Tax Capacity $8,663,072 $896.80 23 of 210 $11,154,743 $1,179.52 21 of 215 Search Net Tax Levy $2,009,370 $208.01 107 of 210 $2,093,865 $221.41 110 of 215 "Best Practices Cooperative Effort Property Taxes $1,950,496 $201.91 115 of 210 $2,231,034 $235.91 88 of 215 Search Special Assessments $70,894 $7.34 186 of 209 $334,491 $35.37 132 of 212 . ,Mandate Reform Licenses and Permits $299,719 $31.03 82 of 210 $655,550 $69.32 26 of 215 Proposals Federal Grants $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $202,990 $21.01 207 of 210 $823,770 $87.11 155 of 215 %Cooperative Waiver Local Grants $36,341 $3.76 112 of 173 $38,659 $4.09 106 of 173 Process Total Intergovernmental Forms Revenues $239,331 $24.78 207 of 210 $862,429 /Fire Relief $91.19 167 of 215 Association Working Interest Earnings $454,802 $47.08 50 of 210 $270,196 $28.57 48 of 214 Group All Other Revenues $351,760 $36.41 120 of 210 $305,524 $32.31 121 of 214 /'Best Practices Reviews Total Revenues $4,023,050 $416.46 202 of 210 $5,257,751 $555.96 188 of 215 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $772,612 $79.98 127 of 210 $751,899 /GASB 34 and Other $79.51 133 of 215 Governmental Police and Ambulance $647,155 $66.99 181 of 210 $676,894 $71.58 184 of 214 Accounting Fire $188,212 $19.48 172 of 210 $205,695 $21.75 176 of 215 /Legal Compliance Guide Other Public Safety $171,750 $17.78 77 of 194 $193,421 $20.45 72 of 196 /Statements of Streets and Highways $338,627 $35.05 202 of 210 $989,506 $104.63 47 of 215 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A Educational $0 $0.00 N/A Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $452,255 $46.82 111 of 209 $436,908 $46.20 117 of 214 /Published Articles Housing and Economic /Related Links Development $82,817 $8.57 162 of 187 $67,949 $7.19 165 of 193 rxnt!'r ta� Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $144,885 $15.00 58 of 164 $147,374 $15.58 54 of 168 Directions Employment Total Current Privacy Notice Expenditures $2,813,372 $291.24 195 of 210 $3,481,518 $368.14 161 of 215 Total Capital Outlay $482,286 $49.93 205 of 210 $2,752,133 $291.02 103 of 215 11 Total Debt Service $286,318 $29.64 197 of 207 $285,093 $30.15 201 of 211 Total Expenditures $3,295,658 $341.17 205 of 210 $6,233,651 $659.16 150 of 215 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 07op • -6-...,,..- -,,, r� Minnesota State Auditor's Office % , ,F :' City Financial Data Search ',Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of the per capita amount. Description Rankings are broken up between cities above 2500 in population(large /About State Auditor Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact "Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. "E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) 111 ARDEN HILLS(RAMSEY) Search/Summary Finances 2000 ».Search 2001 Search )'County Financial City:ARDEN HILLS City:ARDEN HILLS Data Search County:RAMSEY County:RAMSEY "'City Financial Data Year:2000 Year:2001 Search Population:9652 Population:9660 loTownship Financial Description Amount Per Capita Rank Amount Per Capita Rank Search "'Special District Taxable Tax Capacity $10,372,945 $1,074.69 24 of 208 $11,666,571 $1,207.72 23 of 210 Search Net Tax Levy $1,797,444 $186.23 85 of 208 $1,839,547 $190.43 93 of 210 'Best Practices Cooperative Effort Property Taxes $1,972,822 $204.40 79 of 208 $2,029,591 $210.10 88 of 210 Search Special Assessments $136,133 $14.10 165 of 206 $102,585 $10.62 179 of 209 • /Mandate Reform Licenses and Permits $345,841 $35.83 63 of 208 $493,771 $51.12 43 of 210 Proposals Federal Grants $19,995 $2.07 135 of 158 $20,005 $2.07 136 of 160 For Local Officials State Grants $356,103 $36.89 203 of 208 $346,538 $35.87 206 of 210 /Cooperative Waiver Local Grants $1,535 $0.16 164 of 166 $0 $0.00 N/A Process Total Intergovernmental /Forms Revenues $377,633 $39.12 205 of 208 $366,543 $37.94 207 of 210 /'Fire Relief Association Working Interest Earnings $928,425 $96.19 27 of 208 $731,729 $75.75 30 of 210 Group All Other Revenues $232,924 $24.13 138 of 208 $312,361 $32.34 126 of 210 /Best Practices Reviews Total Revenues $4,638,210 $480.54 190 of 208 $4,807,138 $497.63 195 of 210 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $662,950 $68.69 148 of 208 $689,095 $71.33 150 of 210 'GASB 34 and Other Governmental Police and Ambulance $595,276 $61.67 180 of 207 $637,102 $65.95 180 of 209 Accounting Fire $335,415 $34.75 63 of 207 $340,658 $35.26 75 of 210 /Legal Compliance Guide Other Public Safety $109,684 $11.36 108 of 191 $129,167 $13.37 99 of 192 /Statements of Streets and Highways $245,064 $25.39 206 of 208 $285,862 $29.59 203 of 210 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A $0 $0.00 N/A /Educational Libraries $0 $0.00 N/A $0 $0.00 N/A Materials /Newsletters Parks and Recreation $479,958 $49.73 95 of 206 $505,629 $52.34 103 of 209 /Published Articles Housing and Economic /Related Links Development $119,898 $12.42 135 of 174 $97,008 $10.04 148 of 182 northsta� Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $40,171 $4.16 132 of 177 $2,754 $0.29 168 of 172 Directions Employment Total Current Privacy Notice Expenditures $2,597,912 $269.16 193 of 208 $2,713,223 $280.87 192 of 210 Total Capital Outlay $1,033,633 $107.09 181 of 207 $3,175,930 $328.77 83 of 209 • Total Debt Service $136,997 $14.19 202 of 205 $205,668 $21.29 196 of 207 Total Expenditures $3,631,545 $376.25 196 of 208 $5,889,153 $609.64 157 of 210 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page l of l Y r.:04 f�t)tT�?• Minnesota State Auditor's Office ' :-� , ;o City Financial Data Search Site Search Notes and Glossary of Categories for Search Tool(pdf 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description P /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact I►sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable, or does not apply. 'E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) kel ARDEN HILLS(RAMSEY) Summary Finances Search 1998wl Search 1999 i. Search ,County Financial City:ARDEN HILLS City:ARDEN HILLS Data Search County:RAMSEY County:RAMSEY O'City Financial Data Year:1998 Year:1999 Search Population:9737 Population:9666 PTownship Financial Description Amount Per Capita Rank Amount Per Capita Rank Search ►Special District Taxable Tax Capacity $9,702,069 $996.41 24 of 197 $9,970,750 $1,031.53 22 of 200 Search Net Tax Levy $1,689,184 $173.48 73 of 197 $1,737,363 $179.74 72 of 200 ✓►Best Practices Cooperative Effort Property Taxes $1,854,986 $190.51 71 of 197 $1,947,576 $201.49 63 of 199 Search Special Assessments $398,761 $40.95 103 of 196 $209,100 $21.63 149 of 198 • /Mandate Reform Licenses and Permits $358,918 $36.86 40 of 197 $402,105 $41.60 40 of 199 Proposals Federal Grants $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $345,565 $35.49 195 of 197 $339,031 $35.07 196 of 199 'Cooperative Waiver Local Grants $52,918 $5.43 77 of 160 $0 $0.00 N/A Process Total Intergovernmental /Forms /Fire Relief Revenues $398,483 $40.92 195 of 197 $339,031 $35.07 197 of 199 Association Working Interest Earnings $710,940 $73.01 29 of 197 $423,971 $43.86 47 of 199 Group All Other Revenues /Best Practices $448,800 $46.09 81 of 197 $277,299 $28.69 127 of 199 Reviews Total Revenues $4,456,634 $457.70 178 of 197 $4,064,076 $420.45 185 of 199 /CTAS Total Borrowing $3,100,000 $318.37 35 of 127 $0 $0.00 N/A "FRPAS General Government $609,636 $62.61 137 of 197 $609,402 $63.05 146 of 199 'GASB 34 and Other Governmental Police and Ambulance $560,006 $57.51 169 of 197 $573,195 $59.30 171 of 199 Accounting Fire $312,293 $32.07 60 of 197 $326,074 $33.73 64 of 199 /Legal Compliance Guide Other Public Safety $92,460 $9.50 102 of 182 $115,167 $11.91 85 of 185 /'Statements of Streets and Highways $397,235 $40.80 167 of 197 $240,443 $24.88 196 of 199 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A / $0 $0.00 N/A Educational Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $447,618 $45.97 85 of 196 $412,575 $42.68 104 of 198 /Published Articles Housing and Economic 'Related Links Development $255,408 $26.23 82 of 161 $152,929 $15.82 103 of 165 norths[a� Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $587 $0.06 161 of 162 $98,321 $10.17 81 of 165 Directions Employment Total Current Expenditures $2,683,106 $275.56 166 of 197 $2,528,825 $261.62 180 of 199 Privacy Notice Total Capital Outlay $2,063,844 $211.96 101 of 196 $2,366,250 $244.80 98 of 198 Total Debt Service $83,293 $8.55 193 of 195 $136,996 $14.17 195 of 197 • Total Expenditures $4,746,950 $487.52 146 of 197 $4,895,075 $506.42 159 of 199 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 :,04, III f ' J� __- Minnesota State Auditor's Office �4. ro City Financial Data Search ,Site Search Notes and Glossary of Categories for Search Tool(pdf, 17kj /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description p /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities). Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact ►sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable,or does not apply. O'E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) at ARDEN HILLS(RAMSEY) /Summary Finances Search 1996 Search 1997 ilj Search O'County Financial City:ARDEN HILLS City:ARDEN HILLS Data Search County:RAMSEY County:RAMSEY ►City Financial Data Year:1996 Year:1997 Search Population:9678 Population:9692 0•Township Financial Description Amount Per Capita Rank Amount Per Capita Rank Search ►Special District Taxable Tax Capacity $10,191,942 $1,053.10 19 of 195 $10,313,866 $1,064.16 21 of 196 OSearch Net Tax Levy $1,655,389 $171.05 60 of 195 $1,682,402 $173.59 64 of 196 'Best Practices Cooperative Effort Property Taxes $1,941,746 $200.64 43 of 195 $1,862,129 $192.13 59 of 196 Search Special Assessments $356,050 $36.79 108 of 193 $356,739 $36.81 109 of 194 0 /Mandate Reform Licenses and Permits $303,978 $31.41 31 of 195 $384,876 $39.71 22 of 196 Pfpposals Federal Grants $0 $0.00 N/A $0 $0.00 N/A For Local Officials State Grants $1,320,585 $136.45 115 of 195 $618,357 $63.80 177 of 196 /Cooperative Waiver Local Grants $157 $0.02 150 of 150 $366 $0.04 152 of 153 Process Total Intergovernmental /Forms Revenues $1,320,742 $136.47 127 of 195 $618,723 /Fire Relief $63.84 184 of 196 Association Working Interest Earnings $394,859 $40.80 87 of 195 $481,743 $49.71 65 of 196 Group All Other Revenues $265,910 $27.48 106 of 195 $302,296 $31.19 120 of 194 Best Practices Reviews Total Revenues $4,866,678 $502.86 154 of 195 $4,335,629 $447.34 175 of 196 /CTAS Total Borrowing $0 $0.00 N/A $0 $0.00 N/A /FRPAS General Government $476,532 $49.24 164 of 195 $529,055 $54.59 150 of 196 /GASB 34 and Other Governmental Police and Ambulance $512,580 $52.96 167 of 193 $554,383 $57.20 167 of 195 Accounting Fire $308,412 $31.87 63 of 195 $306,767 $31.65 66 of 196 /Legal Compliance Guide Other Public Safety $129,002 $13.33 55 of 179 $88,869 $9.17 99 of 180 /Statements of Streets and Highways $311,013 $32.14 178 of 195 $374,404 $38.63 170 of 196 Position /Accounting Sanitation $0 $0.00 N/A $0 $0.00 N/A Documents Health $0 $0.00 N/A /Educational $0 $0.00 N/A Materials Libraries $0 $0.00 N/A $0 $0.00 N/A /Newsletters Parks and Recreation $380,459 $39.31 94 of 194 $416,718 $43.00 86 of 195 /Published Articles Housing and Economic /Related Links Development $0 $0.00 N/A $623,464 $64.33 29 of 160 north Airport $0 $0.00 N/A $0 $0.00 N/A Transit $0 $0.00 N/A $0 $0.00 N/A Contact Us All Other Expenditures $30,870 $3.19 121 of 156 $116 $0.01 157 of 157 Directions Employment Total Current Privacy Notice Expenditures $2,148,868 $222.04 173 of 195 $2,893,776 $298.57 149 of 196 Total Capital Outlay $704,930 $72.84 174 of 193 $475,264 $49.04 182 of 194 ID Total Debt Service Total Expenditures $0 $0.00 N/A $0 $0.00 N/A $2,853,798 $294.87 181 of 195 $3,369,040 $347.61 178 of 196 http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 Page 1 of 1 .##so Tog n et; (-':" ' - ''''''S 0 Minnesota c .Z State Auditor's Office mod., o City Financial Data Search 'Site Search Notes and Glossary of Categories for Search Tool(pdf, 17k) /Calendar SPECIAL NOTE ABOUT"RANK":The"rank"is of theper capita amount. /Description P /About State Auditor Rankings are broken up between cities above 2500 in population(large Otto cities)and cities below 2500 in population(small cities) Further, rankings /Audits are only done among cities that have revenues or expenditures for a given /Reports category. For example, if there are 117 large cites that have"sanitation" /Press Releases expenditures,then the rank would be"x"of 117. /Columns /Database Search N/A-In the ranking column this means there was no rank due to the fact "Sign up for E- there was no expenditure in this category. N/A in other categories means Updates the data is unavailable, or does not apply. P'E-Update Archives Select a city and year: ARDEN HILLS(RAMSEY) /Sear teSummary Finances 1995 Search 200 _'„ S rch "County Financial City:ARDEN HILLS City: U S VIEW Data Search County:RAMSEY County: MSEY "City Financial Data Year:1995 Year:2 Search Population:9560 Popu ion: 442 'Township Financial Description Amount Per Capita Rank Search "Special District Taxable Tax Capacity $9,989,932 $1,044.97 19 of 193 {�Search Net Tax Levy $1,613,506 $168.78 48 of 193 "Best Practices Cooperative Effort Property Taxes $1,488,981 $155.75 81 of 193 Search Special Assessments $289,209 $30.25 114 of 191 • /Mandate Reform Licenses and Permits $253,729 $26.54 39 of 193 Proposals Federal Grants $0 $0.00 N/A For Local Officials State Grants $273,844 $28.64 191 of 193 /Cooperative Waiver Local Grants $489,151 $51.17 10 of 150 Process Total Intergovernmental Revenues $762,995 $79.81 171 of 193 /Forms /Fire Relief Interest Earnings $408,596 $42.74 80 of 192 Association Working All Other Revenues $235,741 $24.66 119 of 192 Group /Best Practices Total Revenues $3,677,367 $384.66 174 of 193 Reviews Total Borrowing $0 $0.00 N/A /CTAS FRPAS General Government $437,074 $45.72 166 of 193 'GASB 34 and Other Police and Ambulance $494,124 $51.69 165 of 191 Governmental Fire $260,106 $27.21 66 of 193 Accounting /Legal Compliance Other Public Safety $103,674 $10.84 67 of 177 Guide Streets and Highways $291,507 /Statements of $30.49 174 of 193 Position Sanitation $0 $0.00 N/A /Accounting Health $0 $0.00 N/A Documents /Educational Libraries $0 $0.00 N/A Materials Parks and Recreation $337,050 $35.26 105 of 192 /Newsletters Housing and Economic /Published Articles Development $0 $0.00 N/A /Related Links Airport $0 $0.00 N/A north start Transit $0 $0.00 N/A All Other Expenditures $123,934 $12.96 58 of 156 Contact Us Directions Total Current Expenditures $2,056,087 $215.07 170 of 193 Employment Total Capital Outlay $1,175,175 $122.93 144 of 192 Privacy Notice Total Debt Service $0 $0.00 N/A Total Expenditures $3,231,262 $338.00 171 of 193 • http://www.auditor.state.mn.us/Search/CitySearch.aspx 8/27/2007 RESEARCH Return to Regular Format • Summary: Arden Hills, Minnesota; General Obligation Publication date: 17-Apr-2007 Primary Credit Analyst: Corey Friedman,Chicago (1)312-233-7010; corey_friedman@standardandpoors.com Secondary Credit Analyst: Steffanie Dyer, Chicago (1)312-233-7007; steffanie_dyer@standardandpoors.com WANSITMWMTM4l'�Il rrpf�fB���� MISP P `-r8l g 4 04 ?*N w° ��*idgr.% -08.a'd�'su,: p x�.,...§�e r) ..t..� ,.. ., a ..w .. .. Arden Hills GO tax incre(XLCAP) Unenhanced Rating A+(SPUR)/Stable Affirmed Many issues are enhanced by bond insurance. Rationale The 'A+' Standard & Poor's underlying rating (SPUR) on Arden Hills, Minn.'s GO tax increment refunding bonds reflects the following: • The city being a high income suburb of Minneapolis, Minn. and St. Paul, Minn., with its own large employment base; • A trend of slowly growing general fund reserves that currently equal a strong 48% of expenditures; and • Moderate debt levels with minimal capital needs. The city's rating is constrained by taxpayer concentration and the reliance on property taxes to fund its operating budget. The 10 leading taxpayers comprise a concentrated 29% of taxable value. The largest taxpayer, Guidant Corp., alone accounts for 11.3% of taxable value. The city's operating budget is funded 70%from property taxes. Arden Hills is eight miles north of the Minneapolis and St. Paul downtown areas. Income levels are above average at 141% and 122% of the national levels for household and per capita effective buying income, respectively. Besides benefiting from employment opportunities in Minneapolis and St. Paul, the city is also a net importer of jobs. The city's population is 9,660, but it has an estimated daytime population of 14,000. Leading employers include Guidant Corp., manufacturer of electromedical equipment(2,000 employees); Land O'Lakes, headquarters (800); and Syntegra, computer equipment manufacturer(750). Nearly 50% of the city's net tax capacity comes from commercial and industrial property. Residential property accounts for 45%. Reflecting the high incomes and large commercial base, market value per capita is high at $118,361, based off a market value that totals more than $1.1 billion. Unemployment in Ramsey County remains below average at 3.9%. The city has experienced solid growth in its net tax capacity in recent years. Guidant's operations have been stable, with the company looking for additional expansion opportunities. The city is mostly built out, but some residential construction occurs as fill-in, with about five homes constructed each year. The city's tax base may diminish in concentration if the city procures land already within its borders but currently owned by the federal government. The U.S. Army closed the Twin City Army Ammunition Plant, which encompasses a large 40% of the city's land area, a few years ago. The land is still owned by the federal government and future ownership of all or parts of the land is uncertain at • this point. However, the city might purchase the land for future development. 411 The city's financial operations have remained strong. The city ended fiscal 2005 (Dec. 31)with a $1.5 million unreserved general fund balance, or a very strong 48% of expenditures. Operations have continued to produce positive results, with fiscals 2004 and 2005 showing general fund surpluses of around $200,000 annually. Unaudited fiscal 2006 showed another general fund surplus. The fiscal 2007 budget is showing break-even operations, but city officials believe the result will be another surplus. The city targets to keep the general fund at around 50% of expenditures. Property taxes account for more than 70% of general fund revenues. The city's management practices are considered good under Standard & Poor's Financial Management Assessment (FMA). An FMA of good indicates that practices exist in most areas, although not all may be formalized or regularly monitored by governance officials. The city bases its revenue and expenditures on four years of historical information while also consulting local groups. Management tracks its budget to actual performance with quarterly reporting to the city council. Budget amendments are typically done three times annually, but the city could do more, if necessary. The city does maintain a rolling five-year capital improvement plan. The city does not have formal rolling financial projections, but is currently formulating a rolling 10-year plan. The city's investment policy follows the state guidelines, with quarterly compliance reporting to the city council. The city does not have a formal debt management policy. The series 2004A bond issue represents the city's only long-term GO debt outstanding.With the remaining outstanding balance of the series 2004A bonds, the city's net overall debt, which includes overlapping debt, is moderate at $2,846 per capita and 2.4% of market value. At this time, the city does not have any additional debt plans. Outlook • The stable outlook reflects the expectation the city will maintain its strong financial position to offset taxpayer concentration. Rating stability is also grounded in the city's participation in the Minneapolis-St. Paul MSA. Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com.All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Analytic services provided by Standard&Poor's Ratings Services(Ratings Services)are the result of separate activities designed to preserve the independence and objectivity of ratings opinions.The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase,hold,or sell any securities or make any other investment decisions.Accordingly,any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services.Other divisions of Standard&Poor's may have information that is not available to Ratings Services. Standard&Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings.Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities.While Standard&Poor's reserves the right to disseminate the rating, it receives no payment for doing so,except for subscriptions to its publications.Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. Copyright©2007 Standard&Poor's,a division of The McGraw-Hill Companies.All The efiffelltY Hff Rights Reserved.Privacy Notice -- . • 9 N b C i J 9 I y a y 2 "° Y 2. S C " V 0 C n 0 a S a 4 L G V m v U C m Y qq C Y w 0 T N g M oN 5 % WE ° ._. c E w w q m 0 v NN cm °a °d m $ a S P Sc o $ nN t 6 W - 9m N 0 w N C 0 7 2 18 G 3 Y}} !S w Sb- q LL CC �! u . r o a' ° 87, 5 p _ . 1 " S U N ; W 1 St 9 N oq= $ ti - m S I qqg t e m a E a t w z m N wg3 S a n�"o ^o�%� o0 0 Mg a m,n3 eo o e s o oeg oo 1 So A tNm « M N N�A N N .... 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"�, 1 o i� S o "m m l o '.i 9E 'o m O 'a n N N w m a H w N K m ; - w - U W a' m O O H a i- N 3 3 w w m LL J LL C O . a, w m w V V m m' ,L 1- F- 0 O F- a F- N w w m O m li LL F- U' 1- a 1- N J O f a ti LL 6 U K N N fl O a th O A r A A H N N pe pe ; 7 N N g • -AR EN HILLS CITY OF ARDEN HILLS COUNTY OF RAMSEY STATE OF MINNESOTA FINANCIAL POLICIES- INVESTMENT POLICY 1. Purpose It is the policy of the City to invest public funds in a manner which maximizes return and provides maximum security in preserving and protecting funds while meeting the daily cash flow demands and conforming to all applicable federal, state and/or local statutes government the investment of public funds. 2. Standards of Care A. Prudence-The standard of prudence to be used shall be the"prudent person" standard and shall be applied in the context of managing an overall portfolio. • Individuals acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and the liquidity and the sale of securities are carried our in accordance with the terms of this policy. The"prudent person- standard states that, "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived." B. Ethics and Conflicts of Interest-Employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. Employees shall disclose any material interests in financial institutions with which they conduct business. They shall further disclose any person financial/investment positions that could be related to the performance of the investment portfolio. Employees shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the City. • \\Metro-inet\ArdenHills\Finance\Policies and Procedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM C. Delegation of Authority—Authority to manage the investment portfolio is granted • to the City's Finance Director/Treasurer, who shall act in accordance with established procedures and internal controls for the operation of the investment portfolio consistent with this investment policy. No person may engage in an investment transaction except as provided under the terms of this policy. The Finance Director shall be responsible for all transactions undertaken and shall establish a system of control. Each transaction will be acknowledged in writing by one of the following officials within 48 hours: 1) City Administrator 2) Mayor or Acting Mayor 3. Investment Objectives The City will invest idle funds based on the following objectives: A. Safety—The primary objective is the preservation of capital and the safeguarding of public funds by mitigating credit and interest rate risk. a. Credit Risk— The City will minimize credit risk, which is the risk of loss due to the failure of the security issuer or backer. b. Interest Rate Risk—The City will minimize interest rate risk, which is the risk that the market value of securities in the portfolio 41) will fall due to changes in the market interest rates. B. Term— Investments will be scheduled to cover all expenditures. Investments will not be longer than one year for cash flow and all excess funds may be invested for longer than one year. C. Liquidity—The portfolio shall remain liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. Furthermore, since all possible cash demands cannot be anticipated, the portfolio should consist of securities with active secondary or resale markets. Alternatively, a portion of the portfolio may be placed in money market mutual funds or government investment pools which offer same-day liquidity for short-term funds. D. Yield—The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. The benchmark to be used will be the 4M Plus Fund annual rate of return. Return on investment is of secondary importance compared to the safety and liquidity objectives. The core of investments are limited to relatively low risk securities in anticipation of earning a fair return relative 40 \\Metro-inet\ArdenHills\Finance\Policies and Procedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM to the risk being assumed. Securities shall generally be held until 41111 maturity. 4. Pooling of Funds The City will consolidate (pool) cash and reserves balances from all funds, except for those legally restricted by statutes, to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. 5. Authorized Investments The City of Arden Hills will invest only in securities authorized by Minnesota Statute §118A.04 and §118A.05. 1. Governmental bonds, notes, bills, mortgages and other securities,which are direct obligations or are guaranteed or insured issues of the United States, its agencies, its instrumentalities, or organizations created by an act of Congress, excluding mortgage-backed securities defined as "high risk" (as defined below) or in certificates of deposit secured by letters of credit issued by Federal Home Loan Banks. High risk mortgage-backed securities are as follows: A) interest—only or principal — only mortgage-backed securities, B) any mortgage derivative security that: a) has an expected average life greater than ten years, b) has an expected average life that: i) will extend by more than four years as the result of an immediate and sustained parallel shift in the yield curve of plus 300 basis points: or ii) will shorten by more than six years as the result of an immediate and sustained parallel shift in the yield curve of minus 300 basis points: or c) will have an estimated change in price of more than 17 percent as the result of an immediate and sustained parallel shift in the yield curve of plus or minus 300 basis points. 2. Obligations of the United States or its agencies under a repurchase agreement if the margin agreement under the repurchase agreement is 101 percent and with any of the following institutions: A) a bank qualified as depository of public funds, B) any national or state bank in the United States which is a member of the Federal Reserve System and whose combined capital and surplus equals or 4110 exceeds $10,000,000, \\Metro-inet\ArdenHills\Finance\Policies and Pthcedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM C) a primary reporting dealer in the United States government securities to the Federal Reserve Bank of New York, D) a securities broker/dealer having its principal executive office in Minnesota, licensed pursuant to Minnesota Statues Chapter 80A, or an affiliate of it, regulated by the Securities and Exchange Commission and maintaining a combined capital and surplus of$40,000,000 or more, exclusive of subordinated debt. 3. State and local government obligation as follows: A) an obligation of the State of Minnesota or any of its municipalities: a) that have taxing power, and b) are rated "A" or better by a national bond rating service. B) obligation of other state and local governments: a) that have taxing power, and b) are rated "A" or better by a national bond rating service. C) general obligations of the Minnesota Housing Finance Agency that are rated "A'' or better by a national bond rating service. D) general obligations of housing finance agencies of other states,provided: a) they include a moral obligation of the state, and b) they are rated "A" or better by a national bond rating service, E) general revenue obligation of any agency or authority of the State of Minnesota other than those found in C or D above (Housing Finance Agency) that are rated "AA"or better by a national bond rating service. 4. Certificates of deposit at state and federally chartered banks and savings and loan associations. All investments made under this subsection shall be limited to the amount of Federal Deposit Insurance Corporation or the manner set forth in Minnesota statute §118A.05. The certificate of deposit should be in the form of a discounted security maturing in the amount not to exceed the insurance coverage or in the amount so that at any time the face amount together with any accrued interest does not exceed the insurance coverage. 5. Banker's Acceptances of United States Corporation or their Canadian subsidiaries that are rated "Al"by Moody's Investors Service and/or P1 by Standard and Poor's Corporation and matures in 270 days or less. Banker's Acceptances can only be purchased if the yield is greater than the United States Treasury obligations or Federal Agency issues. 6. Commercial Paper issued by United States corporations or their Canadian subsidiaries that are rated "Al"by Moody's Investors Service and/or"Pl"by Standard and Poor's Corporation and matures in 270 days or less. 7. Money Market Funds consisting of United States Treasury Obligations and/or Federal Agency Issues. • \\Metro-inet\ArdenHills\Finance\Policies and Pr4cedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM • 8. The City will not purchase securities that are considered highly sensitive. A 40 highly sensitive investment is a debt instrument with contract terms that make the investment's fair value highly sensitive to interest rate changes. Examples include range notes and index amortizing notes, step-up notes and bonds, variable-rate investments with coupon multipliers, and coupons that vary inversely with a benchmark index. 9. The City will not purchase securities that could expose the City to foreign currency risk. 10. The City will not purchase derivatives. 6. Safekeeping and Custody Investments may be held in safekeeping with: l. Any Federal Reserve Bank, 2. Any bank authorized under the laws of the United States or any state to exercise corporate trust powers, including but not limited to the bank from which the investment is purchased, 3. A primary reporting dealer in the United States government securities to the Federal Reserve Bank of New York, or 4. A securities broker-dealer having its principal executive office in Minnesota, Licensed pursuant to Minnesota Statutes Chapter 80A, or an affiliate of it, regulated by the securities and exchange commission and maintaining a combined capital and surplus of$40,000,000 or more, exclusive of subordinated debt. The City's ownership of all securities in which the fund is invested should be evidenced by written acknowledgments identifying the securities by: A. The names of issuers, B. The maturity dates, C. The interest rates, D. Any serial numbers or other distinguishing marks. The City shall not invest in securities that are both uninsured and not registered in the name of the City and are held by either: A. The counterparty or B. The counterparty's trust department or agent, but not in the name of the City. The Finance Director shall establish a system of internal controls, which shall be • reviewed with the independent auditor of the City. The controls shall be designed to prevent the \\Metro-inet\ArdenHills\Finance\Policies and Pr6cedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM • loss of public funds arising from fraud, employee error, and misrepresentation by third parties, unanticipated changes in financial markets, or imprudent actions by employees and officers of the City. 7. Concentration of Credit Risk No more than 5% of the overall portfolio may be invested in the securities of a single issuer, except for the securities of the U.S. Government, or a maximum of 25%with any individual counter party in an external investment pool. 8. Investment Depositories and Authorized Dealers Annually, the City Council will designate by resolution depositories, security dealers and financial institutions authorized to provide banking and investment services to the City. Prior to completing an initial transaction each year with a broker/dealer, the City shall provide to the broker/dealer a copy of the City's Investment Policy and a copy of the Notification to Broker and Certification by Broker as required by Minnesota Statutes Chapter 80A. The broker/dealer must sign and return the Notification to Broker and Certification by Broker and agree to handle the City's account in accordance with the City's Investment Policy and provide a copy of their broker's insurance coverage for their firm. • 9. Investment Earnings Interest earnings will be credited to the source of the invested funds at the end of each month based on the average daily cash balances during the month. Market value adjustments and interest accruals will be allocated at the end of the fiscal year based on the average cash balances during the fiscal year. 10. Reporting and Review A listing of the City's investment portfolio shall be included in the financial report to the City Council at the end of each fiscal quarter. The list should include date of purchase and maturity, type of investment, firm invested at, yield, interest rate, and comparison to the benchmark set forth in this policy. 11. Exemption Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirement of this policy. Upon maturity, if funds are re-invested the new securities must conform to this policy. \\ Metro-inet\ArdenHills\Finance\Policies and Pr6cedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM 12. Review and Approval • The investment policy shall be formally approved and adopted by resolution the City Council and any future changes to the policy must be approved by the City Council. Approval by the City Council the 30 Day of July, 2007. Stanley D. Harpstead, Mayor Date Michelle A. Wolfe, City Administrator Date • • \\Metro-inet\ArdenHills\Finance\Policies and Pr3cedures\Policies\Investment Policy.doc Last printed 9/7/2007 1:38 PM