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Moody's Ratings U.S. Public Finance <br />Economy <br />Exhibit 2 <br />Resident incomes have remained strong compared to median despite some decline <br />Median household income ($)Resident income ratio (%)Aa median resident income ratio (%) <br />2017 2018 2019 2020 2021 2022 2023 <br />$0 <br />$50,000 <br />$100,000 <br />$150,000 <br />120% <br />140% <br />160% <br />180% <br />200% <br />220% <br />Source: Moody's Ratings <br />Financial operations <br />Exhibit 3 <br />Available fund balance continues to be robust and stable <br />General fund($000)Other governmental funds($000)Internal service funds($000) <br />Business-type activities($000)Available fund balance ratio (%) <br />Aa median available fund balance ratio (%) <br />2021 2022 2023 2024 <br />$0 <br />$20,000 <br />100% <br />200% <br />Source: Moody's Ratings <br />3 2 July 2025 City of Lake Elmo, MN: Update to credit analysis