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range is anticipated next year to finance the city's ongoing pavement management
<br /> program; the city is midway through its ten year street pavement initiative. Principal
<br /> retirement is above average with more than three quarters of total debt retired in 10 years
<br /> and all of the debt retired in 16 years.
<br /> SATISFACTORY FINANCIAL POSITION
<br /> Moody's expects the financial position of the city to continue to be satisfactory following
<br /> four years of operating surpluses, which have increased the General Fund balance to
<br /> $976,000, or 29% of General Fund revenues in fiscal 2000. Unaudited financial
<br /> statements show a slight operating surplus for 2001, and officials report that the city
<br /> intends to keep their reserve levels in the 30% range. Moody's expects the city to
<br /> maintain adequate reserve levels in order to provide the flexibility needed to meet cash
<br /> flow needs and to accommodate any unanticipated expenditures.
<br /> KEY STATISTICS
<br /> 2000 estimated population: 8,012
<br /> Unemployment (Hennepin County 12/01): 3.3%
<br /> 2001 full valuation: $488 million
<br /> 2001 full valuation per capita: $60,900
<br /> Debt burden: 3.9%
<br /> Payout of principal (10 years): 80%
<br /> FY00 General Fund balance: $976,000 (29% of General Fund revenues)
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