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Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
<br />total debt outstanding of $35,339,722. Of this amount, $19,575,000 comprises debt backed by
<br />the full faith and credit of the government, $10,375,000 is backed by tax increments, $2,165,000
<br />is backed by revenues sources from the City of St. Anthony, Minnesota's enterprise funds and
<br />$2,500,000 is G.O. improvement debt for which the government is liable in the event of default
<br />by the developer of Silver Lake Village. The remainder of the City of St. Anthony, Minnesota's
<br />debt represents the liability for compensated absences.
<br />General obligation bonds
<br />General obligation:
<br />Fannie Mae loan payable
<br />G.O. revenue bonds
<br />Revenue bonds
<br />Compensated absences
<br />Total
<br />City of St. Anthony, Minnesota's Outstanding Debt
<br />General Obligation and Revenue Bonds
<br />Governmental Activities Business -Type Activities Totals
<br />2008 2007 2008 2007 2008 2007
<br />$14,745,000 $14,755,000 $ - $ - $14,745,000 $14,755,000
<br />2,500,000
<br />2,500,000
<br />- - 2,500,000
<br />2,500,000
<br />5,700,000
<br />6,010,000
<br />1,895,000 1,975,000 7,595,000
<br />7,985,000
<br />9,505,000
<br />9,580,000
<br />270,000 350,000 9,775,000
<br />9,930,000
<br />609,318
<br />554,645
<br />115,404 107,511 724,722
<br />662,156
<br />$33,059,318 $33,399,645 $2,280,404 $2,432,511 $35,339,722 $35,834,163
<br />The City of St. Anthony, Minnesota's total bonded debt decreased by $555,000 during the
<br />current fiscal year. The key factors in this decrease were; 1) the pay off of the 1997A G.O.
<br />Improvement Bonds totaling $350,000; 2) the pay off of the 1999A G.O Improvement Bonds
<br />totaling $250,000; 3) the issuance of $1,910,000 G.O. Improvement Bonds, and 4) the
<br />principal retirement of $1,865,000.
<br />The City of St. Anthony, Minnesota maintains an "Al" rating from Moody's for general
<br />obligation debt. State statutes limit the amount of general obligation debt the City may issue to
<br />3% of its total market value. The current debt limitation for the City of St. Anthony, Minnesota
<br />is $26,806,284, which is in excess of the City of St. Anthony, Minnesota's $4,755,000
<br />outstanding general obligation debt, excluding tax increment, special assessment, and HRA
<br />bonds.
<br />Additional information on the City of St. Anthony, Minnesota's long-term debt can be found in
<br />Note 5.
<br />Economic Factors and Next Year's Budgets and Rates
<br />The unemployment rate for Hennepin County is currently 5.0%. This compares favorably to
<br />the Minneapolis/St. Paul metropolitan area's unemployment rate of 5.2%, the state's rate of
<br />5.4% and the national average rate of 7.2%.
<br />• The increased revenues and growth in the tax base from Silver Lake Village will help the
<br />City maintain its satisfactory financial position.
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