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The City of St. Anthony's total bonded debt increased by $2,080,000 (6.2%) during the current fiscal year. The key factors in this increase were; 1) pay off/refunding of the 2003A G.O. Road Improvement Bond totaling $1,135,000; 2) principal retirement of $1,950,000; 3) issuance of the 2011A $2,955,000 G.O. Road Improvement Bonds; and 4) issuance of the 201113$2,210,000 G.O. Road Improvement Bonds. The City of St. Anthony, Minnesota maintains an "AA" rating from Standard and Poor's for general obligation debt. State statutes limit the amount of general obligation debt the City may issue to 3% of its total market value. The current debt limitation for the City of St. Anthony, Minnesota is $22,184,277, which is in excess of the City of St. Anthony, Minnesota's $5,820,000 outstanding general obligation debt, excluding tax increment, special assessment, and HRA bonds. Additional information on the City of St. Anthony, Minnesota's long-term debt can be found in Note 5. Economic Factors and Next Year's Budgets and Rates • Healthy financial profile with a stable outlook including a very strong general fund balance. • Strong income and wealth indicators relative to national levels. • The stable outlook reflects expectations that St. Anthony will continue to maintain balanced operations. • Good management practices, including extensive financial planning to maintain acceptable service levels while being sensitive to increases in property taxes remains the most significant challenge. These factors were considered in preparing the City of St. Anthony, Minnesota's budget for the 2011 fiscal year. In 2010, to comply with a State of Minnesota mandate and promote conservation, tiered water rates were implemented for all users. In addition, sewer rates were increased from $3.30 per 1,000 gallons to $3.50 per 1,000 gallons. The revenue from water and sewer operations totaled $1,577,753, which was less than expenditures by $302,102 (19%). Analysis and monitoring of the impact of tiered water rates and the sewer rate increase will be on-going. Rate increases were enacted in 2012 and future rates are likely to address infrastructure improvements. Requests for Information This financial report is designed to provide a general overview of the City of St. Anthony, Minnesota's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Finance Director, City of St. Anthony, Minnesota, 3301 Silver Lake Road, St. Anthony, Minnesota, 55418. 23 1 _