Laserfiche WebLink
1 <br /> Moody's expect the city's moderate debt burden of 3.9%to remain manageable due to <br /> • modest future borrowing needs, significant support from non-levy sources for debt <br /> service, and above average retirement of debt. Additional borrowing in the$700,000 <br /> range is anticipated every year to two years for the next four years to finance the city's <br /> ongoing pavement management program; the city is midway through its ten year street <br /> pavement initiative:Principal retirement is above average with 75% of total debt retired in <br /> 10 years and 99% of the debt retired in 15 years: <br /> SATISFACTORY FINANCIAL POSITION <br /> Moody's expects the financial position of the city to continue to be satisfactory following <br /> three years of operating surpluses, which have increased the General Fund balance to <br /> $993,000, or 30.0%of General Fund revenues in fiscal 1999. A slight operating surplus is <br /> expected in 2000, and officials report that the city intends to bolster their reserve levels in <br /> the short-to mid-term. Moody's expects the city to maintain adequate reserve levels in <br /> order to provide the flexibility needed to meet cash flow needs and to accommodate any <br /> unanticipated expenditures. <br /> KEY STATISTICS <br /> 1999 estimated population: 8,355 <br /> Unemployment(Hennepin County 10/00): 2.2% <br /> 2000 full valuation: $443 million <br /> 2000 full valuation per capita: $52,980 <br /> Debt burden: 3.9% <br /> Payout of_principal (10 years): 75%° <br /> • FY99 General Fund balance: $993,000 (30.0% of General Fund revenues) <br /> ©Copyright 2001 by Moody's Investors Service,99 Church Street, New York, NY 10007.All rights reserved. <br /> • <br />