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<br /> <br />Bond Rating comments on Economic Factors, Financial management and Budgets <br /> <br /> We consider St. Anthony's economy very strong. The city, with a population estimate of <br />9,062, is in Hennepin and Ramsey counties in the Minneapolis-St. Paul-Bloomington <br />MSA, which we consider broad and diverse. Projected per capita effective buying income <br />is 128% of the national level and per capita market value is $118,579. Overall, market <br />value grew by 5.4% during the past year to $1.1 billion in fiscal 2019. <br /> <br /> We view the city's financial management as strong, with good financial policies and <br />practices under our FMA methodology. The institutional framework score for Minnesota <br />cities with a population greater than 2,500 is strong. <br /> <br /> We consider budgetary flexibility very strong, with an available fund balance in fiscal <br />2019 at 52% of operating expenditures. We expect available fund balance to remain more <br />than 30% of expenditures for the current and next fiscal years, which we view as a <br />positive credit factor. <br /> <br /> In our opinion, St. Anthony's liquidity is very strong, with total government available <br />cash at 118.7% of total governmental-fund expenditures and 3.7x governmental debt <br />service in fiscal 2019. In our view, the city has strong access to external liquidity if <br />necessary <br /> <br /> In our view, St. Anthony's debt-and-contingent-liability profile is weak. Total <br />governmental-fund debt service is 31.2% of total governmental-fund expenditures, and <br />net direct debt is 196.7% of total governmental-fund revenue. Officials plan to retire <br />about 83.3% of direct debt during 10 years, which is, in our view, a positive credit factor. <br /> <br /> <br />These factors were considered in preparing the City’s budget for the 2021 fiscal year and <br />beyond. <br /> <br /> <br />Requests for Information <br /> <br />This financial report is designed to provide a general overview of the City of St. Anthony, <br />Minnesota’s finances for all those with an interest in the government’s finances. Questions <br />concerning any of the information provided in this report or requests for additional financial <br />information should be addressed to the Office of the Finance Director, City of St. Anthony, <br />Minnesota, 3301 Silver Lake Road, St. Anthony, Minnesota, 55418. <br /> <br />26