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Summary: Lino Lakes City, Minnesota; Appropriations; General Obligation <br />No. 67 & 68, the city's net pension liability as of 2015 was $4.9 million for both plans. The largest plan, the municipal <br />employees plan, maintained a funded level of 86.6%, using the plan's fiduciary net position as a percentage of the total <br />pension liability. We understand that the city has joined the Statewide Lump -Sum Volunteer Firefighter Retirement <br />Plan (SVFRP) administered by the Public Employee Retirement Association (PERA) for the benefit of the city's <br />firefighters. <br />Strong institutional framework <br />The institutional framework score for Minnesota cities with a population greater than 2,500 is strong. <br />Outlook <br />The stable outlook reflects our view that the city will maintain its very strong budgetary flexibility, so we do not expect <br />to change the ratings within the two-year outlook period. We expect the city will be able to address any potential <br />budgetary pressures to maintain fiscal balance and will maintain very strong reserves in compliance with its formalized <br />fund balance policy. <br />Downside scenario <br />A lower rating is possible if the budgetary performance were to decline to a level we view as weak or very weak, <br />causing a significant deterioration in the city's budgetary flexibility. <br />Upside scenario <br />A higher rating is possible if the city's economic score were to improve to levels commensurate with those of <br />higher -rated peers, which could occur if the city's income level and market value per capita were to increase or if our <br />view of management were to increase to very strong. <br />Related Research <br />• S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013 <br />• Incorporating GASB 67 And 68: Evaluating Pension/OPEB Obligations Under Standard & Poor's U.S. Local <br />Government GO Criteria, Sept. 2, 2015 <br />Ratings Detail (As Of October 21, 2016) <br />Lino Lakes City GO <br />Long Term Rating <br />Lino Lakes Econ Dev Autn, Minnesota <br />Lino Lakes City, Minnesota <br />Lino Lakes Econ Dev Autn (Lino Lakes City) APPROP <br />Long Term Rating <br />AA/Stable <br />AA -/Stable <br />Affirmed <br />Affirmed <br />Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, <br />have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. <br />www.STANDARDANDPOORS.COM/RATINGSDIRECT <br />OCTOBER 21, 2016 5 <br />1741666 1 302253518 <br />