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2009-07-22 CC Packet
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2009-07-22 CC Packet
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<br />Summary: Centervi/le, Minnesota; General Obligation <br /> <br />plan that is updated annually, and an informal policy to maintain a general fund balance that represents at least <br />45% of expenditures. Although no formal debt management or financial planning policies exist, the above strengths <br />offset these vulnerabilities to the FMA. <br /> <br />The city's overall net debt burden is considered high at $5,051 per capita, but more moderate at 4.7% of market <br />value. In addition, debt service on the city's governmental funds has been above 25% from 2006-2008, a figure we <br />consider to be high. Although much of this debt is self-supported, it is with the use of special assessments; we do not <br />give self-support credit for debt serviced by this revenue stream since they are similar in nature to property taxes. <br /> <br />Outlook <br /> <br />The stable outlook is supported by our expectation that the city will continue to benefit from its access to <br />employment throughout the Minneapolis-St. Paul region and that the city's very strong financial performance will <br />remain consistent with historical trends. <br /> <br />Related Research <br /> <br />USPF Criteria: "GO Debt," Oct. 12,2006 <br /> <br />Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings <br />affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; <br />under Ratings in the left navigation bar, select Find a Rating. <br /> <br />www.standardandpoors.com/ratingsdirect <br /> <br />3 <br /> <br />Standard & Poor's. All rights reserved. No reprinter dissemination without S&P's permission. See Terms of Use/Disclaimer on the last page <br /> <br />73:)7:)8 3(18(j35:;:,~' <br />
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