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The City of St. Anthony's total bonded debt increased by $3,925,000 (10.8%) during the current fiscal year. The key factors in this increase were; 1) pay off of the 2000B State Aid Bond totaling $460,000; 2) pay off of the 2000A Storm Sewer Revenue Bond G.O totaling $945,000; 3) principal retirement of $1,490,000; 4) issuance of the 2009A $5,175,000 G.O. Improvement Bonds; and 5) issuance of the 2009B $1,645,000 G.O. Refunding 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 $24,778,098, which is in excess of the City of St. Anthony, Minnesota's $6,460,000 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 and a stable outlook including a very strong general fund balance. • Strong income and wealth indicators relative to national levels. • The taxable market value in the City has risen rapidly in the past five years averaging 12%. The major development of Silver Lake Village contributed to the increase with its addition of apartments, condominiums and commercial space in an area that was formally an enclosed shopping mall. • Extensive planning and management practices 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 2009 fiscal year. In 2009, there were no increases in water and sewer rates. The revenue from water and sewer operations totaled $1,583,317, which was less than expenditures by $116,602 (7.4%). In the future, rates will be changed to comply with the Minnesota Department of Resources mandate that requires the sale of water be based on a Tiered Water Rate Stricture that promotes the conservation of usage. This rate structure will charge a higher rate for excessive usage. Upon implementation, moving forward the annual increases for water, sewer and storm water charges will be in an amount similar to the rate of inflation. 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