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[04] Debt Management Study
Council Agenda Item 4 MEETING DATE: August 5, 2019 AGENDA ITEM: Tammy Omdal - Debt Management Study SUBMITTED BY: Finance /Financial Advisor BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None PREVIOUS COUNCIL ACTION: None BACKGROUND INFORMATION: Annually, Tammy Omdahl, financial advisor from Northland Securities, prepares an analysis of the outstanding bonds held by the City of St. Joseph. Attached is the 2019 debt study (with balances as of 12/31/18 plus the 2019A bond issue). Tammy prepared with the assistance of Finance. The debt study provides information of what the required tax levies and other revenue sources should be, what debts might be a candidate to refund or payoff early, how many years remain on each debt, and the summary of the debt costs versus the requirements to pay the total debt. During Tammy’s presentation, she will provide a summary discussion of the S&P Global Rating analysis completed in July for our upcoming bond issue. The City was assigned the SAP long-term rating of AA- to the outstanding GO debt plus the 2019A bond issue. S&P cited the City has strong financial management, rapid debt amortization and very strong liquidity and budgetary flexibility. A rating of AA- is very good for a city the size of St. Joseph. In addition, Council may consider calling the 2010A GO Sewer Revenue Bonds with the City of St. Cloud. Funds are available for the $20,000 early call and the note is currently callable. The 2011A GO Sewer Revenue Bonds are also eligible to call early. The remaining balance of $50,000 is available to pay in full. S&P views the early calls as favorable if funds are available to do so. BUDGET/FISCAL IMPACT: Information Only ATTACHMENTS: Request for Council Action 2019 Debt Management Study and Presentation S&P Global Rating Summary REQUESTED COUNCIL ACTION: The debt management study and S&P Rating Summary are information only for the council. Staff requests council consideration for the early call of the 2011A GO Sewer Revenue bonds and 2010A GO Sewer Revenue bonds. e c n a n i F c i l b u P 9 1 d 0 n 2 a l / h 4 t 2 r / o 7 N y NorthlandSecurities,Inc. b d e r a p e r P 150SouthFifthStreet,Suite3300,Minneapolis,MN55402 MemberFINRAandSIPC|RegisteredwithSECandMSRB DebtStudyforYear2019 CityofSt.Joseph Main:(612)851-5900/Direct:(612)851-4964/Email:tomdal@northlandsecurities.com NorthlandSecurities,Inc. 150SouthFifthStreet,Suite3300,Minneapolis,MN55402 MemberFINRAandSIPC|RegisteredwithSECandMSRB Main:(612)851-5900/Direct:(612)851-4964/Email:tomdal@northlandsecurities.com ) y d u t S e h t ( y d u t S t b e D 9 1 0 2 : E July24,2019LoriBartlett,FinanceDirectorCityofSaintJosephP.O.Box668SaintJoseph,MN56374RDearLori:NorthlandhascompletedastudyoftheCitysexistingdebtoutstandingandestimatedsourcesofrevenueforrepayment.Th isstudywascompletedatthedirectionoftheCity.TheCityusestheissuanceofdebtasanimportantandessentialtoolforfinancingtheconstructionofpublicimprovementsandtoacquirecapitalequipment.Ongoingdebtmanagementis importanttomonitortherepaymentofexistingdebtobligationsandtobewellpreparedforthefutureissuanceofdebt.TheStudyisintendedtoserveasaguidefortheCitysfinancialmanagementofitsdebtobligations.Alldebtobliga tionsidentifiedbytheCityareincludedintheStudy.TheStudyisbuiltaroundidentifiedkeyassumptions,includingassumptionsforfuturerevenuesources.Thisincludesestimatesforthepaymentofoutstandingspecialassessmen ts.TotheextenttheassumptionsintheStudychangeinthemonthsandyearsahead,whichtheywill,theCitywillneedtocontinuetoadjustitsfinancialandbudgetplansaccordingly.Thestepstakenaspartofthestudyprocessincludedt heCityprovidinginformationtoNorthlandonpastfinancialinformation,includingcashbalancesandverificationofcurrentsourceoffundsfordebtpayment.InformationprovidedbytheCitywasorganized,analyzed,andusedtosup portthedevelopmentoffinancialplansforeachseriesofdebtoutstandingbypurpose.TheStudyincludedreconciliationtotheCitysmostrecentauditedfinancialstatementsbyNorthland.TheStudydidnotincludeareviewoftheuti lityfundstoverifyratesaresetataleveltomeetexistingoutstandingdebtobligations.Sincerely,NORTHLANDSECURITIESTammyOmdalManagingDirector r 1235789012345678901 e 111111111122 b m u N e g a P s e S c r T u o N S E e T u n N e v O e C R l F a t o O T E d L n a B s t A n T e n o m i e t y s r a o o P p P l r a d u t e n P o s a T d o s , n p e g r ai re n u s i c e P i e d S i v r n d r y e a n e t b S a S s t g yt s u n e bb i i e r O s d e e t D n S c b r a nt e o d s f a lDt n y a l uo g v a B B O t n e ti t ty L i t b s b b x i e m e s xa s D a EDT n t n a fff g a a l r ooo n DP i T l yyy f d f rrr Chart1TaxLevyforDebtServiceChart2DebtOutstandingatYearEndChart3SourceofRevenueforPaymentonDebtOutstandingChart4AmortizationofDebtOutstandingChart5DebtServicePaidfromWaterRevenuesChart6DebtServi cePaidfromSanitarySewerRevenuesChart7DebtServicePaidfromSpecialAssessmentRevenuesChart8DebtServicePaidfromSalesTaxRevenueChart9DebtServicePaidfromAllOtherRevenueSourcesG.O.CrossoverRefundingBonds, Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series20 10B-NewMoneyPortion a o n i o aaa ac s r t t mmm n e r s t a t a mmm t n u h uuu ei LOSSSCF TABLEOFCONTENTS 23456789012345678901 22222222333333333344 PageNumber G.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-CIPPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-Improvemen tPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014ASystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds ,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series201 7B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityPortionofSt.Cloud2017PublicFacilitiesAuthorityLoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019APRELIMINARYNOTISSUED TABLEOFCONTENTS Page1of41 100.0% 95,00040,00075,00070,000 130,000270,000405,000410,000125,000275,000515,000530,000425,000690,000294,000309,000282,000265,000 2,985,1903,825,0001,315,0001,675,0001,525,0003,920,0001,881,779 22,331,969 TotalBonds Outstanding 24.7% 95,00040,000 515,000 2,985,1901,881,7795,516,969 Cloud) CityofSt. NotesPayable (BondsIssuedby 27.6% 75,000 130,000530,000282,000 3,825,0001,315,0006,157,000 Bonds G.O.Revenue 6.8% 1,525,0001,525,000 Bonds G.O.Tax Abatement 20.0% 270,000405,000410,000275,000425,000690,000309,000 G.O. 1,675,0004,459,000 Bonds (Special Assessment) Improvement 20.9% 70,000 125,000294,000265,000 3,920,0004,674,000 G.O.Bonds BondSeries N M , h p e s o J . t S OutstandingDebtBalancesbySeriesandPurposeasof12/31/2018 G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Serie s2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds ,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Serie s2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBo nds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017Fac ilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesTotal%ofTotal f o y t i C 988,668923,515924,309 Page2of41 1,159,2341,064,6941,060,8341,069,2711,133,3881,185,3791,242,1341,285,0491,328,3431,353,6141,380,4161,399,5951,418,6941,437,7051,456,8491,462,360 Balance 30,585,852 EndingCash 501,069504,121402,759401,073399,232402,017115,737 Total 2,634,3122,548,8592,451,9362,258,0952,328,7402,114,4122,087,8441,510,7281,503,8161,468,3891,173,2581,110,099 25,916,496 0 Levy 646,945659,423634,498592,000595,402575,752544,666495,000483,084456,432457,032459,950291,749296,198285,137283,304281,331283,998 NetTax 8,321,901 00000000000000 60,00058,00058,00036,000 Less: 175,572387,572 Other Revenues 0 9,0997,2534,8433,3572,6432,0181,4271,0321,1941,2581,3681,4801,6251,7981,8441,9812,1172,252 48,588 Less: Income Interest 00000 20,00020,000 182,682180,267183,102180,582183,312180,031181,999183,154178,902174,649170,397166,073 2,185,149 Less:Sales TaxRevenue 000000000000 19,25019,25019,25013,25013,25013,25013,250 110,750 Water Less:Storm 00000 42,98541,64145,46344,857 702,121713,234710,296702,222625,215633,387634,253156,125167,780168,478 Less: Water 5,388,057 SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 855,322743,924710,932639,377639,247632,316637,472636,423635,095638,312472,865412,993120,719119,755115,778115,788115,784115,767115,737 8,473,608 Sewer Less:Sanitary 00000 91,30794,09877,65974,77638,99337,76129,26028,61127,96221,51321,513 158,893167,509131,015 1,000,870 Assessments Less:Special 499,589501,184402,759401,073399,232402,017115,737 Levy 2,983,9852,855,3962,642,9442,370,1662,297,7732,224,1852,183,3771,518,9411,524,4161,482,2161,186,8601,120,145 105%of 27,111,996 475,799477,318383,580381,974380,221382,873110,226 2,841,8912,719,4252,517,0892,257,3012,188,3552,118,2722,079,4071,446,6111,451,8251,411,6341,130,3431,066,805 25,820,949 toTaxLevy P&ISubject 0 843,638481,911109,032 8,236,9426,986,3145,700,1334,422,1713,393,5422,404,0191,981,9031,548,6341,199,212 Debt 20,003,83917,748,72215,648,61613,763,29611,905,76310,074,129 Outstanding 475,799477,318383,580381,974380,221382,873110,226 Total 2,841,8912,719,4252,517,0892,257,3012,188,3552,118,2722,079,4071,446,6111,451,8251,411,6341,130,3431,066,805 25,820,949 9,9941,194 77,28253,68244,04934,15826,40018,494 513,761464,308416,984371,981330,822286,638242,220195,983165,644133,672101,715 3,488,980 Interest 989,523422,116433,269349,422355,574361,727372,879109,032 DEBTSERVICEPAYMENTS 2,328,1302,255,1172,100,1051,885,3211,857,5331,831,6341,837,1871,250,6281,286,1811,277,9621,028,629 N 22,331,969 M Principal , h p e s o J . t S f Fiscal 2019202020212022202320242025202620272028202920302031203220332034203520362037 YEAR o SummaryofExistingDebtOutstanding,TotalPaymentsandTotalRevenueSources**Doesnotincludetheanticipated2019bondissuance. y t i C 00 2029 Page3of41 273,444165,000130,000135,000140,000840,098 1,710,000 3,393,542 00 2028 55,000 542,146325,000170,000270,000190,000940,025445,000 1,930,000 4,867,171 0 2027 806,219115,000150,000110,000480,000210,000405,000240,000890,000 2,145,0001,038,914 6,590,133 2026 34,000 225,000295,000160,000630,000250,000540,000290,000 1,065,6632,360,0001,136,6511,335,000 8,321,314 000 2025 68,000 325,000435,000210,000775,000285,000675,000340,000 1,320,5922,570,0001,233,3511,785,000 10,021,942 0 2024 65,00065,00042,000 865,000570,000260,000915,000320,000805,000390,000102,000 1,571,1172,775,0001,329,0132,235,000 12,309,129 0 2023 50,00084,000 125,000700,000305,000355,000125,000930,000440,000136,000 1,817,1261,390,0001,050,0002,975,0001,423,6382,685,000 14,590,763 0 2022 56,000 185,000100,000830,000350,000390,000185,000490,000126,000170,000 2,059,0711,895,0001,185,0001,055,0003,170,0001,517,2253,135,000 16,898,296 0000 2021 70,000 240,000145,000955,000395,000425,000245,000540,000168,000204,000110,000 2,296,7262,390,0001,315,0001,175,0003,365,0001,609,8913,590,000 19,238,616 000 2020 40,00045,00025,000 295,000140,000190,000435,000460,000305,000590,000210,000239,000140,000163,000 2,530,2032,875,0001,075,0001,440,0001,295,0003,555,0001,701,5194,045,000 21,793,722 0 2019 85,00020,00085,00050,00035,000 135,000350,000275,000235,000475,000495,000365,000640,000252,000274,000211,000215,000 2,759,7293,350,0001,195,0001,560,0001,410,0003,740,0001,792,1104,500,000 24,503,839 N M , h p e s o J . t S SummaryofDebtOutstandingbySeriesandPortion(IncludestheAnticipated2019BondIssuance)CollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBo nds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bo nds,Series2011A-EquipmentPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.Sew erRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBond s,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-System PortionCityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total f o y t i C Page4of41 (0) (0) 2037 0 2036 109,032 109,032 2035 265,000216,911 481,911 2034 520,000323,638 843,638 2033 770,000429,212 1,199,212 00 2032 533,634 1,015,000 1,548,634 2031 45,00045,000 636,903 1,255,000 1,981,903 000 2030 90,00090,000 739,019 1,485,000 2,404,019 Continuedfrompriorpage SummaryofDebtOutstandingbySeriesandPortion(IncludestheAnticipated2019BondIssuance)CollectionYearTotal G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.ImprovementBonds,Series2010B-RefundingPortionG .O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011A-SystemPortionG.O.WaterRevenueCrossoverRefun dingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-ImprovementPortionG.O.Bonds,Series2014A-SystemPor tionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2016AG.O.ImprovementBonds,Series2016BG.O.Capit alImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanG.O.Bonds,Series2018A-Equipment CertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED N M , h p e s o J . t S f o y t i C Page5of41 0000000000000000000000 2030 15,000 163,000281,950 459,950 000000000000000000000 2029 15,000 160,000282,032120,995 578,028 000000000000000000000 2028 15,000 160,000281,432116,456 572,888 00000000000000000000 2027 15,00027,000 155,000286,084111,221 594,305 00000000000000000000 2026 15,00030,000 155,000295,000110,880 605,880 000000000000000000 2025 20,00040,00015,00030,000 155,000284,666104,822 649,488 00000000000000000 2024 20,00040,00035,00015,00030,00098,294 152,000283,752 674,046 0000000000000000 2023 15,00040,00030,00015,00025,00057,00091,535 130,671282,731 686,937 0000000000000000 2022 15,00040,00025,00010,00020,00057,00089,885 135,000290,000 681,885 00000000000000 2021 15,00065,00024,00035,00020,00010,00020,00057,50082,749 125,000262,998 717,247 000000000000 2020 5,000 45,00010,00060,00024,00025,00020,00035,00020,00058,00091,886 105,000252,423 751,309 0000000000000 2019 6,0005,000 40,00055,00020,44515,00090,00022,50015,00036,00015,00057,000 270,000 646,945 N M , h p e s o SummaryofTaxLevyforDebtServiceCollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.I mprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011 A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-Impr ovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2 016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuth ority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total J . t S f o y t i C Page6of41 000000000000000000000000 0 2037 00000000000000000000000 2036 283,998 283,998 00000000000000000000000 2035 281,331 281,331 00000000000000000000000 2034 283,304 283,304 00000000000000000000000 2033 285,137 285,137 0000000000000000000000 2032 10,000 286,198 296,198 0000000000000000000000 2031 10,000 281,749 291,749 Continuedfrompriorpage SummaryofTaxLevyforDebtServiceCollectionYear G.O.CrossoverRefundingBonds,Series2009AG.O.WastewaterRevenueBonds,Series2009BG.O.WastewaterTreatmentBonds,Series2010G.O.SewerRevenueBonds,Series2010AG.O.I mprovementBonds,Series2010B-RefundingPortionG.O.ImprovementBonds,Series2010B-NewMoneyPortionG.O.Bonds,Series2011A-ImprovementRefundingPortionG.O.Bonds,Series2011A-EquipmentPortionG.O.Bonds,Series2011 A-SystemPortionG.O.WaterRevenueCrossoverRefundingBonds,Series2012AG.O.Bonds,Series2013A-ImprovementPortionG.O.Bonds,Series2013A-SewerPortionG.O.SewerRevenueBonds,Series2013BG.O.Bonds,Series2014A-Impr ovementPortionG.O.Bonds,Series2014A-SystemPortionG.O.Bonds,Series2015A-ImprovementPortionG.O.Bonds,Series2015A-EquipmentPortionG.O.TaxAbatementBonds,Series2015BG.O.CapitalImprovementPlanBonds,Series2 016AG.O.ImprovementBonds,Series2016BG.O.CapitalImprovementPlanBonds,Series2017AG.O.Bonds,Series2017B-ImprovementPortionG.O.Bonds,Series2017B-SystemPortionCityportionofSt.CloudPublic2017FacilitiesAuth ority(PFA)LoanG.O.Bonds,Series2018A-EquipmentCertificatesG.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Total N M , h p e s o J . t S f o y t i C Page7of41 ) 9 1 0 2 n i t b e D d e t c e j o r P d n e a c i 8 v 1 r 0 2 e , S 1 3 t r b 1 e e t b r D m a e r c h o e f C D f y o v s e a L g x n i a d T n a t s t u O t b e D g n i t s i x E r o F ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o y t$700,000$600,000$500,000$400,000$300,000$200,000$100,000 i C Page8of41 ) 9 1 0 2 r o f t b e d D n d E - e t r c a e j e o Y r P t a d n g a n 8 i 2 1 0 d t 2 r n , a a 1 t 3 h s r C t e u b m O e t c e b D e f D o l s a a t t b o e T D n o d e s a B ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . t $5.0$0.0 S $25.0$20.0$15.0$10.0 f snoilliM o y t i C Page9of41 g ) n 9 i 1 d 0 n 2 r a t o f s t t b u e D O t d e b t c 33% e 21% e j D Revenue o l r P a SanitarySewer t WaterRevenue d o n a T 8 n 1 0 o 3 2 t t , r 1 n 3 a e r h e m C b y m a e P c e r 4% D o f f o e s a u 32% n g SpecialAssessments n e i TaxLevy v d n e a R t s f t u o O e t c b 8% r e u D ( o S SalesTaxRevenue 2% N M , h p e s AllOtherRevenue o J . t S f o y t i C %001 %001 Page10of41 %89 %69 ) %59 9 1 0 2 r %39 o f t b e %19 D t d b e e t c D e%98 j o g r P n i d %58 d n n a a 8 t 1 s %08 0 4 t 2 10111213141516171819 t , u r 1 O 3 a r %47 f h e 9 o C b n m e o %96 c i 8 e t D a f z i o %36 t s 7 r a o g n m i %55 d 6 A n a t s t %74 u 5 O t b %83 e 4 D ( %03 3 %12 N 2 M , h p %01 e 1 s o 2019202020212022202320242025202620272028202920302031203220332034203520362037 J . t S f 0% o 80%60%40%20% y t 120%100% i C Page11of41 ) 9 1 0 2 r o f t b e e D u d e n t e c e v j e o r R P r d e n t a a 8 1 W 0 5 2 y t , r b 1 3 a d r h i e a C b P m e e c c e i D v f r o e s S a t g b n i e d n D a t s t u O t b e D ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o y t$800,000$700,000$600,000$500,000$400,000$300,000$200,000$100,000 i C Page12of41 ) 9 1 0 2 r e o f u t n b e e D v e d e R t c r e j e o r w P e d S n a y r 8 a 1 t 0 6 i 2 t , n r 1 a 3 a S r h e y C b b m e d i c e a D P f o e c s i a v g r n i e d S n t a t b s t e u D O t b e D ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o y t$900,000$800,000$700,000$600,000$500,000$400,000$300,000$200,000$100,000 i C Page13of41 ) 9 1 0 2 r o f s t t b e n D e d m e t s c s e j e o s r s P A d l n a a i 8 c 1 e 0 7 2 p t , S r 1 3 a y r h b e C b d i m e a c P e D e f c i o v s r a e g S n i t d n b a e t s t D u O t b e D ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o $80,000$60,000$40,000$20,000 y t$180,000$160,000$140,000$120,000$100,000 i C Page14of41 ) 9 1 0 2 r o f t b e e u D n d e e t v c e e j R o r x P a d T n a s e 8 l 1 a 0 8 2 S t , r 1 y 3 a b r h e d C b i a m e P c e e D c i f v o r s e a S g n t i b d n e a t D s t u O t b e D ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o $80,000$60,000$40,000$20,000 y t$200,000$180,000$160,000$140,000$120,000$100,000 i C Page15of41 ) 9 1 0 2 r o f s t e b e c e r u D u n o d e S e t v r c e e e j R h o t r r P O e d d h n t n a a O 8 , 1 l e l 0 9 2 A m t , o r 1 y c 3 a b n r h I e d t C b i s a m e r e P c e t e e n D c I i f , v o r r s e t e a a S g n t W i d b m n e r a t o D s t t S u O t b e D ( N M , h p 2019202020212022202320242025202620272028202920302031203220332034203520362037 e s o J . $0 t S f o $50,000 y t$250,000$200,000$150,000$100,000 i C 3,5005,9147,991 Cash Ending Balance Page16of41 052,505050,686043,6170146,808 NetTaxLevyTotal 0000 Revenues Less:Other 0000 Less: Income Interest 0000 Less: Revenue SalesTax 0000 Water Less:Storm 0000 Less: Water 52,50550,68643,617 146,808 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 0000 Assessments Less:Special 52,50550,68643,617 105% TaxLevy Subjectto 50,00548,27341,540 P&I 139,818146,808 TaxLevy Subjectto 5,00550,0053,27348,2731,54041,5409,818139,818 45,0003.850%45,0003.850%40,0003.850% DEBTSERVICEPAYMENTS 130,000 PrincipalRatesInterestTotal G.O.CrossoverRefundingBonds,Series2009A(i)CrossoverrefundtheCity'sG.O.SewerRevenueBondsof2001.(ii)CrossoverrefundtheCity'sG.O.ImprovementBondsof2002(Thisportionmatured12/1/17).60203/01/09$455,000Dece mber1$130,000December1,2016December1,2021 1InvestmentincomewillaccruetotheSewerFund.2Pledgenetrevenuessufficienttopay105%ofdebtservice.3TheBondsarereportedasaliabilityoftheSewerFund. N M , h NOTES p e s o J Total 201920202021 . t S f o YearPrincipalDue y t Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: i C 4,940 Cash Ending Balance Page17of41 0103,7400103,740 NetTaxLevyTotal 00 Revenues Less:Other 00 Less: InterestIncome 00 Less:Sales TaxRevenue 00 Water Less:Storm 00 Less: Water 103,740103,740 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 00 Assessments Less:Special 105% TaxLevy Subjectto 98,800103,74098,800103,740 P&I TaxLevy Subjectto Total 3,80098,8003,80098,800 RatesInterest DEBTSERVICEPAYMENTS 95,0004.000%95,000 Principal G.O.WastewaterRevenueBonds,Series2009B FinancetheCity'sportionofthemetrointerceptorrepairproject,thelowerpan,LincolnAvenueandtheTri-Cityliftstation.SISPhasesI&II 60210/26/09$835,000August1$95,000Augu st1,2017August1,2019 N 1TheBondsarereportedasaliabilityoftheSewerFund.2Pledgenetrevenuessufficienttopay105%ofdebtservice. M , h NOTES p e s o J Total . 2019 t S f o y YearPrincipalDue t i Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash Ending Balance Page18of41 0292,24513,9160292,32127,8360292,20141,7510292,24755,6670292,33269,5880292,10083,4970292,26797,4150292,232111,3310292,233125,2470292,269139,1640292,219153,0790292,201166,99403,506,866 NetTaxLevyTotal 0000000000000 Revenues Less:Other 0000000000000 Less: InterestIncome 0000000000000 Tax Revenue Less:Sales 0000000000000 Water Less:Storm 0000000000000 Less: Water 292,245292,321292,201292,247292,332292,100292,267292,232292,233292,269292,219292,201 Less: SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sewer Sanitary 00000000000003,506,866 Assessments Less:Special 105% TaxLevy Subjectto P&I 278,329292,245278,400292,321278,287292,201278,330292,247278,411292,332278,190292,100278,350292,267278,316292,232278,317292,233278,351292,269278,303292,219278,287292,201 3,339,8723,506,866 TaxLevy Subjectto Total 9,601278,3034,843278,287 354,6823,339,872 DEBTSERVICEPAYMENTS 225,4611.771%52,868278,329229,5261.771%48,875278,400233,4771.771%44,810278,287237,6551.771%40,675278,330241,9451.771%36,466278,411246,0091.771%32,181278,190250,5251.771%27,824278,350254,9281.771%23,3 88278,316259,4441.771%18,873278,317264,0731.771%14,278278,351268,7021.771%273,4441.771% PrincipalRatesInterest 2,985,190 G.O.WastewaterTreatmentBonds,Series2010 FinancetheCity'sportionoftheCityofSt.CloudRUEProjectPFALoan(11.29%).60208/01/10$4,527,703August20$2,985,190AnyDateAugust20,2030 1BondsarepayablefromnetrevenuesfromtheSanitarySewerFundandadditionallysecuredbyanunlimitedadvaloremtaxpledge.2TheBondsarereportedasaliabilityoftheSewerFund.3Pledgenetrevenuessufficiencttopay105%ofdeb tservice. N M , h NOTES p e s o J Total 201920202021202220232024202520262027202820292030 . t S f o YearPrincipalDue y ExistingDebt-G.O.WastewaterTreatmentBonds,Series2010Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C 1,0502,075 Cash Ending Balance Page19of41 022,050021,525043,575 NetTaxLevyTotal 000 Less: Other Revenues 000 Less: Income Interest 000 Less:Sales TaxRevenue 000 Water Less:Storm 000 Less: Water 22,05021,52543,575 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 000 Assessments Less:Special 22,05021,52543,575 105% TaxLevy Subjectto 21,00020,50041,500 P&I TaxLevy Subjectto Total 21,00020,50041,500 500 1,0001,500 RatesInterest 2.500%2.500% DEBTSERVICEPAYMENTS 20,00020,00040,000 Principal G.O.SewerRevenueBonds,Series2010A FinancetheCity'sportionofthemetrointerceptorrepairproject,includingtheupperandlowerpan,38thand54thavenues.SISphaseIII 60210/21/10$180,000August1$40,000August1,2018Au gust1,2020 N 1InvestmentincomewillaccruetotheSanitarySewerFund.2BondsarepayablefromnetrevenuesfromtheSanitarySewerFundandadditionallysecuredbyanunlimitedadvaloremtaxpledge.3TheBondsarereportedasaliabilityoftheSan itarySewerFund.4Pledgenetrevenuessufficiencttopay105%ofdebtservice. M , h NOTES p e s o J . Total 20192020 t S f o y YearPrincipalDue t i ExistingDebt-G.O.SewerRevenueBonds,Series2010APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash Ending Balance Page20of41 40,00074,50965,52345,00078,8406,05585,000153,349 NetTaxLevyTotal 000 Less: Other Revenues 655 1,3241,979 Less: Income Interest 000 Less:Sales TaxRevenue 000 Water Less:Storm 000 Less: Water 000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 33,18533,18566,370 Assessments Less:Special 105% $102,638 TaxLevy Subjectto P&I 141,413148,483138,308145,223279,720293,706 TaxLevy Subjectto Total 6,413141,4133,308138,3089,720279,720 RatesInterest 2.300%2.450% DEBTSERVICEPAYMENTS 135,000135,000270,000 Principal G.O.ImprovementBonds,Series2010B-RefundingPortion CrossoverrefundtheCity'sG.O.ImprovementBonds,Series2005B.(CloverdaleandHillStreetprojects)33309/01/10$1,035,000December1$270,000December1,2018Decembe r1,2020 1Debtservicescheduleisthe"Refunding"portionofthe2010BBondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018: N M , h NOTES p e s o J Total 20192020 . t S f o YearPrincipalDue y ExistingDebt-G.O.ImprovementBonds,Series2010B-RefundingPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C 9,399 Cash Ending Balance Page21of41 6,00039,315123,281 10,00042,305100,24615,00046,33782,59015,00045,42465,61715,00044,51744,33220,00048,56728,83620,00047,675 101,000314,141 NetTaxLevyTotal 00000000 Less: Other Revenues 826656443288 1,5061,2331,0025,955 Less: InterestIncome 00000000 Less: Revenue SalesTax 13,25013,25013,25013,25013,25013,25013,25092,750 Water Less:Storm 00000000 Less: Water 00000000 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 18,55917,82217,08516,34815,61114,87414,137 114,436 Assessments Less:Special 69,93568,60767,19265,51769,09367,26670,468 $94,493 105% TaxLevy Subjectto 66,60565,34063,99362,39865,80364,06367,113 P&I 455,313478,078 TaxLevy Subjectto Total 66,60565,34063,99362,39865,80364,06367,113 8,9937,3985,8034,0632,113 11,60510,34050,313455,313 DEBTSERVICEPAYMENTS 55,0002.300%55,0002.450%55,0002.900%55,0002.900%60,0002.900%60,0003.250%65,0003.250% 405,000 PrincipalRatesInterest G.O.ImprovementBonds,Series2010B-NewMoneyPortion Financethe16thAvenueimprovementproject.34509/01/10$790,000December1$405,000December1,2018December1,2025 1Debtservicescheduleisthe"NewMoney"portionofthe2010BBondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2017: N M , h NOTES p e s o J Total 2019202020212022202320242025 . t S f o YearPrincipalDue y ExistingDebt-G.O.ImprovementBonds,Series2010B-NewMoneyPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C Cash Ending Balance Page22of41 55,000110,49048,36960,000115,08422,12365,000119,721(1,516) 180,000345,295 NetTaxLevyTotal 0000 Revenues Less:Other 819484221 1,524 Less: Income Interest 0000 Tax Revenue Less:Sales 6,0006,0006,000 18,000 Water Less:Storm 6,0006,0006,000 18,000 Less: Water 6,0006,0006,000 18,000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 36,67136,60036,500 109,771 Assessments Less:Special 105% $110,312(receivableabovereflectsestimatesfordelinquentspecialassessments) TaxLevy Subjectto P&I 144,030151,232141,330148,397143,360150,528428,720450,156 TaxLevy Subjectto Total 9,030144,0306,330141,3303,360143,360 18,720428,720 RatesInterest DEBTSERVICEPAYMENTS 135,0002.000%135,0002.200%140,0002.400%410,000 Principal G.O.Bonds,Series2011A-ImprovementRefundingPortion CrossoverRefundtheCity'sG.O.ImprovementBonds,Series2006C.Originalpurposeofthe2006CBondswasthefinancingoftheconstructionofoverlayprojectinteriorstreet .33811/01/11$1,040,000October1$410,000October1,2018October1,2021 1The"ImprovementRefundingPortion"ofthe2011ABondsonly,andsecuredbyspecialassessments,systemrevenuesintheamountof$18,000annuallyandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2 018: N M , NOTES h p e s o Total 201920202021 J . t S f o YearPrincipalDue y ExistingDebt-G.O.Bonds,Series2011A-ImprovementRefundingPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C 1,7255,7835,760 Cash Ending Balance Page23of41 20,44544,44524,00046,01724,00046,05868,445136,520 NetTaxLevyTotal 24,00022,00022,00068,000 Revenues Less:Other 0 175875 Less: Income Interest 0000 Less: Revenue SalesTax 0000 Water Less:Storm 0000 Less: Water 0000 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 0000 Assessments Less:Special 44,89844,05848,384 105% TaxLevy Subjectto 42,76041,96046,080 P&I 130,800137,340 TaxLevy Subjectto Total 2,76042,7601,96041,9601,08046,0805,800130,800 RatesInterest 2.000%2.200%2.400% DEBTSERVICEPAYMENTS 40,00040,00045,000 125,000 Principal G.O.Bonds,Series2011A-EquipmentPortion Financethepurchaseofapumpertruckandtransportationvan.34611/01/11$195,000October1$125,000October1,2018October1,2021 1Debtservicescheduleisthe"EqupimentPortion"ofthe2011ABondsonlyandissecuredbyadvalorempropertytaxes.2OtherrevenuecomesfromapaymentfromtheTownshipforanallocatedshareofthecostofacquisitionofafiretruck. N M , NOTES h p e s Total o 201920202021 J . t S f YearPrincipalDue o ExistingDebt-G.O.Bonds,Series2011A-EquipmentPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C 1,7043,0725,002 Cash Ending Balance Page24of41 027,508027,517027,531082,556 NetTaxLevyTotal 0000 Less: Other Revenues 8 173156 Less: Income Interest 0000 Tax Revenue Less:Sales 0000 Water Less:Storm 0000 Less: Water 27,50027,50027,50082,500 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 0000 Assessments Less:Special 27,98327,45826,88082,320 105% TaxLevy Subjectto 26,65026,15025,60078,400 P&I TaxLevy Subjectto Total 26,65026,15025,60078,400 600 1,6501,1503,400 Interest Rates 2.000%2.200%2.400% DEBTSERVICEPAYMENTS 25,00025,00025,00075,000 Principal G.O.Bonds,Series2011A-SystemPortion FinancethesewerforcemainimprovementsincludingtheSaukRiverCrossing.60211/01/11$195,000October1$75,000October1,2018October1,2021 N 1Pledgenetrevenuessufficiencttopay105%ofdebtservice. M , h NOTES p e s o J . Total 201920202021 t S f o y YearPrincipalDue t i ExistingDebt-G.O.Bonds,Series2011A-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash Ending Balance Page25of41 0591,578228,1700581,603255,8660582,128283,5860582,443311,3220581,508339,0120589,782367,0970591,751395,2760114,726400,7390122,233406,5600124,191412,47404,461,944 NetTaxLevyTotal 00000000000 Revenues Less:Other 00000000000 Less: Income Interest 00000000000 Tax Revenue Less:Sales 00000000000 Water Less:Storm Less: Water 0591,5780581,6030582,1280582,4430581,5080589,7820591,7510114,7260122,2330124,19104,461,944 Less: SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sewer Sanitary 00000000000 Assessments Less:Special 105% TaxLevy Subjectto P&I 563,408591,578553,908581,603554,408582,128554,708582,443553,818581,508561,698589,782563,573591,751109,263114,726116,413122,233118,278124,191 TaxLevy Subjectto Total 563,408553,908554,408554,708553,818561,698563,573109,263116,413118,278 9,2636,4133,278 88,40878,90869,40859,70848,81836,69823,573 Interest 424,4704,249,4704,249,4704,461,944 Rates 2.000%2.000%2.000%2.200%2.400%2.500%2.650%2.850%2.850%2.850% DEBTSERVICEPAYMENTS 475,000475,000485,000495,000505,000525,000540,000100,000110,000115,000 Principal 3,825,000 G.O.WaterRevenueCrossoverRefundingBonds,Series2012A CrossoverrefundedtheCity'sG.O.WaterRevenueBonds,Series2005D.PurposeoftheoriginalSeries2005DwasconstructionofWaterPlantNo.2andWells6,7,and8.60104/01 /12$4,860,000December1$3,825,000December1,2021December1,2028 1Pledgenetrevenuessufficiencttopay105%ofdebtservice. N M , NOTES h p e s Total o 2019202020212022202320242025202620272028 J . t S f o YearPrincipalDue ExistingDebt-G.O.WaterRevenueCrossoverRefundingBonds,Series2012APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C Cash Ending Balance Page26of41 15,00024,72964,58025,00034,85448,20435,00044,23942,15840,00048,62641,69240,00048,09236,88440,00040,41225,796 195,000240,952 NetTaxLevyTotal 000000 273 Less: Other Revenues 869742534412273 1,3191,030 Less: Income Interest 0000000 Less: Revenue SalesTax 000000 Water Less:Storm 0000000 Less: Water 0000000 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 0 8,8608,5358,2097,8847,558 41,046 Assessments Less:Special 49,42453,79252,79951,54755,54554,075 $37,269 105% TaxLevy Subjectto 47,07051,23050,28549,09352,90051,500 P&I 302,078317,181 TaxLevy Subjectto Total 47,07051,23050,28549,09352,90051,500 7,0706,2305,2854,0932,9001,500 27,078302,078 RatesInterest 2.100%2.100%2.650%2.650%2.800%3.000% DEBTSERVICEPAYMENTS 40,00045,00045,00045,00050,00050,000 275,000 Principal G.O.Bonds,Series2013A-ImprovementPortion Finance2013streetoverlayproject.34809/01/13$405,000December1$275,000December1,2020December1,2024 1Debtservicescheduleisthe"ImprovementPortion"ofthe2013ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipalbalanceoutstandingasof12/31/2018: N M NOTES , h p e s Total 201920202021202220232024 o J . t S f YearPrincipalDue o ExistingDebt-G.O.Bonds,Series2013A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C 8,453 Cash Ending Balance Page27of41 0167,0160164,37016,2800161,72423,9810163,63531,7740165,40739,6500161,58547,3450162,74055,0940163,31262,8710163,71170,6670163,32878,44401,636,824 NetTaxLevyTotal 00000000000 Revenues Less:Other 00000000000 Less: Income Interest 00000000000 Less: Revenue SalesTax 00000000000 Water Less:Storm 00000000000 Less: Water 167,016164,370161,724163,635165,407161,585162,740163,312163,711163,328 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 000000000001,636,824 Assessments Less:Special 105% TaxLevy Subjectto P&I 159,063167,016156,543164,370154,023161,724155,843163,635157,530165,407153,890161,585154,990162,740155,535163,312155,915163,711155,550163,328 TaxLevy Subjectto Total 5,550155,550 243,8801,558,8801,558,8801,636,824 RatesInterest 2.100%39,063159,0632.100%36,543156,5432.650%34,023154,0232.650%30,843155,8432.800%27,530157,5303.000%23,890153,8903.300%19,990154,9903.300%15,535155,5353.700%10,915155,9153.700% DEBTSERVICEPAYMENTS 120,000120,000120,000125,000130,000130,000135,000140,000145,000150,000 Principal 1,315,000 G.O.Bonds,Series2013A-SewerPortion FinanceCSAH75sewermainandliftstationcontrols.60209/01/13$1,875,000December1$1,315,000December1,2020December1,2028Debtservicescheduleisthe"SewerPortion"ofthe2013ABon dsonlyarepayablefromnetrevenuesplus5%fromtheSanitarySewerFundandsecuredbyanunlimitedadvaloremtaxpledge. N 12TheBondsarereportedasaliabilityoftheSanitarySewerFund. M , h p NOTES e s o J . Total t 2019202020212022202320242025202620272028 S f o y t YearPrincipalDue i ExistingDebt-G.O.Bonds,Series2013A-SewerPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash Ending Balance Page28of41 061,4782,928059,7985,775058,1188,543061,68811,480059,79814,328057,90817,085061,74020,025060,16522,890058,45925,674061,93728,623059,91631,4760661,001 NetTaxLevyTotal 000000000000 Less: Other Revenues 000000000000 Less: Income Interest 000000000000 Tax Revenue Less:Sales 000000000000 Water Less:Storm 000000000000 Less: Water 61,47859,79858,11861,68859,79857,90861,74060,16558,45961,93759,916 661,001 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 000000000000 Assessments Less:Special 61,47859,79858,11861,68859,79857,90861,74060,16558,45961,93759,916 105% TaxLevy Subjectto 58,55056,95055,35058,75056,95055,15058,80057,30055,67558,98857,063 P&I 629,525661,001 TaxLevy Subjectto Total 58,55056,95055,35058,75056,95055,15058,80057,30055,67558,98857,063 629,525 8,8007,3005,6753,9882,063 18,55016,95015,35013,75011,95010,150 Interest 114,525 Rates DEBTSERVICEPAYMENTS 40,0004.000%40,0004.000%40,0004.000%45,0004.000%45,0004.000%45,0003.000%50,0003.000%50,0003.250%50,0003.375%55,0003.500%55,0003.750% 515,000 Principal G.O.SewerRevenueBonds,Series2013B FinancetheCity'sportionoftheinterceptorrepairs(SISPhaseIV)fortheSt.CloudWastewaterTreatmentFacility.60211/01/13$650,000February1$515,000February1,2022February1,2029B ondsarepayablefromnetrevenuesfromtheSaniatarySewerFundandsecuredbyanunlimitedadvaloremtaxpledge. 12TheBondsarereportedasaliabilityoftheSanitarySewerFund. N M , NOTES h p e s o Total J 20192020202120222023202420252026202720282029 . t S f o YearPrincipalDue y ExistingDebt-G.O.SewerRevenueBonds,Series2013BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C 188 7,6304,9191,336 74,01151,45727,95022,93719,27514,128 Cash Ending Balance Page29of41 90,000105,638148,535 105,000119,424103,125125,000138,321135,000147,381130,671148,178152,000162,622155,000164,923155,000164,238155,000163,537160,000167,823160,000167,147163,000169,462 NetTaxLevyTotal 00000000000001,685,6711,818,696 Less: Other Revenues 764913 740515279229193141 2,0501,4851,0316,803 Less: Income Interest 0000000000000 Tax Revenue Less:Sales 0000000000000 Water Less:Storm 0000000000000 Less: Water SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 9,6949,0458,3967,7477,0986,449 13,58812,93912,29011,64116,99210,343 126,222 Assessments Less:Special 105% $101,941 TaxLevy Subjectto P&I 162,135170,242164,835173,077167,435175,807169,935178,432171,685180,269167,635176,017168,585177,014169,385177,854170,035178,537170,535179,062170,730179,267170,610179,141 TaxLevy Subjectto Total 162,135164,835167,435169,935171,685167,635168,585169,385170,035170,535170,730170,610 5,610 47,13544,83542,43539,93536,68532,63528,58524,38520,03515,53510,730 Interest 348,5402,023,5402,023,5402,124,717 DEBTSERVICEPAYMENTS 115,0002.000%120,0002.000%125,0002.000%130,0002.500%135,0003.000%135,0003.000%140,0003.000%145,0003.000%150,0003.000%155,0003.100%160,0003.200%165,0003.400% PrincipalRates 1,675,000 G.O.Bonds,Series2014A-ImprovementPortion FinancetheParkTerraceStreetimprovementproject.35006/01/14$2,010,000December1$1,675,000December1,2021December1,2030theminimum105%requirement.ThetaxlevyforthisF und350maybeadjustedannuallyasneededtoachievethe105%requirementandtheCity'soverallobjectivesfortaxlevy. 1Debtservicescheduleisthe"ImprovementPortion"ofthe2014ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018:3Cashbalancewasaccumultedfro mprepaymentofspecialassessmentsanddepositofunspentprojectcontingencyintothedebtservicefund.4TaxlevyisadjustedinthisscheduletohelpmanagetheCity'soveralltaxlevyfordebtwhilemaintainingthatFund350isproje ctedtohaveannualrevenueandendingcashatorabove N M , h NOTES p e s o J Total 201920202021202220232024202520262027202820292030 . t S f o YearPrincipalDue y t ExistingDebt-G.O.Bonds,Series2014A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: i C Cash Ending Balance Page30of41 052,09639,997051,36142,442050,62644,853049,70747,220048,60549,535047,50251,797046,40054,006050,54756,413049,28758,760047,98561,045046,64163,266050,46365,669048,85767,996 22,50052,83137,51622,500692,906 NetTaxLevyTotal 000000000000000 Less: Other Revenues 000000000000000 Less: Income Interest 000000000000000 Tax Revenue Less:Sales 000000000000000 Water Less:Storm 23,33146,09645,36144,62643,70743,60542,50241,40045,54744,28742,98541,64145,46344,857 Less: Water 7,0006,0006,0006,0006,0005,0005,0005,0005,0005,0005,0005,0005,0004,000 75,000595,406 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 000000000000000 Assessments Less:Special 52,83152,09651,36150,62649,70748,60547,50246,40050,54749,28747,98546,64150,46348,857 105% TaxLevy Subjectto 50,31549,61548,91548,21547,34046,29045,24044,19048,14046,94045,70044,42048,06046,530 P&I 659,910692,906 TaxLevy Subjectto Total 50,31549,61548,91548,21547,34046,29045,24044,19048,14046,94045,70044,42048,06046,530 659,910 9,1908,1406,9405,7004,4203,0601,530 15,31514,61513,91513,21512,34011,29010,240 Interest 129,910 Rates 2.000%2.000%2.000%2.500%3.000%3.000%3.000%3.000%3.000%3.100%3.200%3.400%3.400%3.400% DEBTSERVICEPAYMENTS 35,00035,00035,00035,00035,00035,00035,00035,00040,00040,00040,00040,00045,00045,000 530,000 Principal G.O.Bonds,Series2014A-SystemPortion Financewatertowerrefurbishmentandsewermainliftstationcosts.60106/01/14$660,000December1$530,000December1,2021December1,2032Debtservicescheduleisthe"SystemPortion"o fthe2014ABondsonlyarepayablefromnetrevenuesplus5%fromtheSanitarySewerFundandWaterFundandsecuredbyanunlimitedadvaloremtaxpledge.BondswereissuedunderMS444.Taxrevenueshouldbeusedonly,andthenonatemporary basis,topaygeneralobligationswhentheotherrevenuesareinsufficient.Citymadeacovenanttomaintainratesandchargessufficienttocover105%ofdebtservice. 123Taxlevyiseliminatedin2020.Cityanticipatesrevenuefromutilitywillbesufficienttocoverwithouttaxlevy. N M NOTES , h p e s Total 20192020202120222023202420252026202720282029203020312032 o J . t S f YearPrincipalDue o ExistingDebt-G.O.Bonds,Series2014A-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C 79,02355,93237,89624,96617,79411,436 Cash Ending Balance Page31of41 15,00037,305102,16820,00046,00520,00044,85925,00048,71430,00052,62035,00056,57840,00060,592 185,000346,673 NetTaxLevyTotal 00000000 Less: Other Revenues 790559379250178 1,3491,0224,527 Less: Income Interest 00000000 Less: Revenue SalesTax 00000000 Water Less:Storm 00000000 Less: Water SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 20,95624,98324,06923,15522,24121,32820,414 157,146 Assessments Less:Special 73,55372,60871,34870,08868,82866,93870,298 105% $130,460 TaxLevy Subjectto 70,05069,15067,95066,75065,55063,75066,950 P&I 470,150493,658 TaxLevy Subjectto Total 70,05069,15067,95066,75065,55063,75066,950 9,1507,9506,7505,5503,7501,950 10,05045,150470,150 Interest Rates 1.500%2.000%2.000%2.000%3.000%3.000%3.000% DEBTSERVICEPAYMENTS 60,00060,00060,00060,00060,00060,00065,000 425,000 Principal G.O.Bonds,Series2015A-ImprovementPortion FinancetheClintonVillage,NorthlandandJasmineLaneimprovementprojects.35108/01/15$595,000December1$425,000December1,2022December1,2025 1Debtservicescheduleisthe"ImprovementPortion"ofthe2015ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2Specialassessmentprincipaloutstandingasof12/31/2018:3Cashbalancewasaccumulatedfr omprepaymentofspecialassessmentsanddepositofunspentprojectcontingencyintothedebtservicefund. N M , h NOTES p e s o J Total 2019202020212022202320242025 . t S f o YearPrincipalDue y t ExistingDebt-G.O.Bonds,Series2015A-ImprovementPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: i C 830139 Cash Ending Balance Page32of41 36,00036,01035,00035,00871,00071,019 NetTaxLevyTotal 000 Less: Other Revenues 8 1019 Less: Income Interest 000 Less: Revenue SalesTax 000 Water Less:Storm 000 Less: Water 000 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 000 Assessments Less:Special 38,03637,48575,521 105% TaxLevy Subjectto 36,22535,70071,925 P&I TaxLevy Subjectto Total 36,22535,70071,925 700 1,2251,925 RatesInterest 1.500%2.000% DEBTSERVICEPAYMENTS 35,00035,00070,000 Principal G.O.Bonds,Series2015A-EquipmentPortion Financetheacquisitionofaplowtruck,wingdeckmower,1tontruck,squadcar,equipment,portableradios,tasers,utilitytruck,squadcarvideoandcomputer.35212/12/17$165,000Dece mber1$70,000December1,2022December1,2020 1Debtservicescheduleisthe"EquipmentPortion"ofthe2015ABondsonlyandsecuredbyadvalorempropertytax. N M , NOTES h p e s Total o 20192020 J . t S f o YearPrincipalDue ExistingDebt-G.O.Bonds,Series2015A-EquipmentPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C Cash Ending Balance Page33of41 0162,68236,0980160,26743,7300163,10251,4960160,58259,1430163,31266,9200160,03174,5400161,99982,2550163,15490,0240158,90297,5910154,649104,9550150,397112,1170146,073119,07201,905,149 NetTaxLevyTotal 0000000000000 Revenues Less:Other 0000000000000 Less: Income Interest 162,682160,267163,102160,582163,312160,031161,999163,154158,902154,649150,397146,073 Tax Revenues Less:Sales 00000000000001,905,149 Water Less:Storm 0000000000000 Less: Water 0000000000000 SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Assessments Less:Special Levy 105%Tax P&I 154,935162,682152,635160,267155,335163,102152,935160,582155,535163,312152,410160,031154,285161,999155,385163,154151,335158,902147,285154,649143,235150,397139,118146,073 TaxLevy Subjectto Total 154,935152,635155,335152,935155,535152,410154,285155,385151,335147,285143,235139,118 8,2354,118 39,93537,63535,33532,93530,53527,41024,28520,38516,33512,285 Interest 289,4281,814,4281,814,4281,905,149 Rates 2.000%2.000%2.000%2.000%2.500%2.500%3.000%3.000%3.000%3.000%3.050%3.050% DEBTSERVICEPAYMENTS 115,000115,000120,000120,000125,000125,000130,000135,000135,000135,000135,000135,000 Principal 1,525,000 G.O.TaxAbatementBonds,Series2015B FinancetheacquisitionofColtsAcademytouseasaCommunityCenter.35308/01/15$1,840,000December1$1,525,000December1,2022December1,2030 N 1Citycertifiedanabatementlevyfordebtservice.Theannualabatementlevymaybecancelledanddebtpaidfromotherrevenue.TheCityplanstousesalestaxrevenuetopaydebtservice. M , h p NOTES e s o J . Total t 201920202021202220232024202520262027202820292030 S f o y t YearPrincipalDue i ExistingDebt-G.O.TaxAbatementBonds,Series2015BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash 225,158238,789 Ending Balance Page34of41 283,448286,250 270,000270,48949,795252,423252,92131,674262,998263,31422,645290,000290,22639,329282,731283,12552,811283,752284,28066,349284,666285,33079,936295,000295,799103,093286,084287,115116,765281,432282,600130 ,222282,032283,335143,714281,950283,387157,209281,749283,322170,700286,198287,905184,410285,137286,981198,076283,304285,285211,661281,331283,998 NetTaxLevyTotal 00000000000000000005,054,7855,075,110 Less: Other Revenues 489498317226393528663799 1,0311,1681,3021,4371,5721,7071,8441,9812,1172,252 20,325 Less: Income Interest 0000000000000000000 Tax Revenues Less:Sales 0000000000000000000 Water Less:Storm 0000000000000000000 Less: Water 0000000000000000000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 0000000000000000000 Assessments Less:Special 283,448286,250 105% TaxLevy Subjectto P&I 269,643283,125271,043284,595272,343285,960273,543287,220269,643283,125270,743284,280271,743285,330272,643286,275273,443287,115269,143282,600269,843283,335269,893283,387269,830283,322274,195287,905273 ,315286,981271,700285,285269,950272,619 TaxLevy Subjectto Total 269,643271,043272,343273,543269,643270,743271,743272,643273,443269,143269,843269,893269,830274,195273,315271,700269,950272,619 7,619 89,64386,04382,34378,54374,64370,74366,74362,64358,44354,14349,84344,89339,83034,19528,31521,70014,950 Interest 965,2694,885,2694,885,2695,129,532 Rates 2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.000%2.250%2.250%2.450%2.450%2.700%2.700%2.875%2.875% DEBTSERVICEPAYMENTS 180,000185,000190,000195,000195,000200,000205,000210,000215,000215,000220,000225,000230,000240,000245,000250,000255,000265,000 Principal 3,920,000 G.O.CapitalImprovementPlanBonds,Series2016A FinancetheGovernmentServiceCenter.30107/01/16$4,275,000December15$3,920,000December15,2023December15,2036Nooutstandingitemstonote.105%requirement.Thetaxlev yforthisFund301maybeadjustedannuallyasneededtoachievethe105%requirementandtheCity'soverallobjectivesfortaxlevy. 12TaxlevyisadjustedinthisscheduletohelpmanagetheCity'soveralltaxlevyfordebtwhilemaintainingthatFund301isprojectedtohaveannualrevenueandendingcashatorabovetheminimum N M NOTES , h p e s Total 201920202021202220232024202520262027202820292030203120322033203420352036 o J . t S f YearPrincipalDue o ExistingDebt-G.O.CapitalImprovementPlanBonds,Series2016APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C 6,7844,0152,2181,4031,6302,9105,2529,117 Cash Ending Balance Page35of41 5,00047,18551,0545,00047,02435,228 10,00051,86524,81810,00051,76114,87915,00056,66210,51615,00056,61815,00056,58115,00056,55315,00056,53515,00056,52715,00056,52915,00056,54210,00051,56610,00051,60414,371 170,000753,552 NetTaxLevyTotal 000000000000000 Revenues Less:Other 6840221416295391 672511352248149105 2,370 Less: Income Interest 20,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,000 280,000 Tax Revenues Less:Sales 000000000000000 Water Less:Storm 000000000000000 $620,613 Less:Water 000000000000000 Less: SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sewer Sanitary 21,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,51321,513 301,182 Assessments Less:Special 66,51865,99365,38964,78564,07663,36862,31861,26860,21859,11558,01356,91050,08548,668 105% TaxLevy Subjectto 63,35062,85062,27561,70061,02560,35059,35058,35057,35056,30055,25054,20047,70046,350 P&I 806,400846,720 TaxLevy Subjectto Total 63,35062,85062,27561,70061,02560,35059,35058,35057,35056,30055,25054,20047,70046,350 806,400 9,3508,3507,3506,3005,2504,2002,7001,350 13,35012,85012,27511,70011,02510,350 Interest 116,400 Rates 1.000%1.150%1.150%1.350%1.350%2.000%2.000%2.000%2.100%2.100%2.100%3.000%3.000%3.000% DEBTSERVICEPAYMENTS 50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00045,00045,000 690,000 Principal G.O.ImprovementBonds,Series2016B FinancetheFieldStreetimprovementprojectandCR121to7thAveSE 30411/01/16$740,000December15$690,000December15,2023December15,2032 N 1Specialassessmentprincipaloutstandingasof12/31/2018,includesdeferredspecialassessments:2Asignificantportionofthebalanceoutstandingisfordeferredspecialassessmentsthatmaynotbepayablewithinthenextthirt yyears. M , h NOTES p e s o J .Total 20192020202120222023202420252026202720282029203020312032 t S f o y YearPrincipalDue t i ExistingDebt-G.O.ImprovementBonds,Series2016BPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C Cash Ending Balance Page36of41 0140,459097,304 036,00089,987036,00077,057036,00065,282036,00054,6620175,572184,769000319,572 NetTaxLevyTotal 00 Less: Other Revenues 036,000036,000036,000036,0000175,572000319,572 Less: Income Interest 00000000 Tax Revenues Less:Sales 00000000 Water Less:Storm 00000000 Less: Water 00000000 Less: Sewer Sanitary SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS 00000000 Assessments Less:Special 52,58951,37750,16448,95147,73846,52645,313 105% TaxLevy Subjectto 50,08548,93047,77546,62045,46544,31043,155 P&I 326,340342,657 TaxLevy Subjectto Total 50,08548,93047,77546,62045,46544,31043,155 326,340 8,0856,9305,7754,6203,4652,3101,155 32,340 RatesInterest 2.750%2.750%2.750%2.750%2.750%2.750%2.750% DEBTSERVICEPAYMENTS 42,00042,00042,00042,00042,00042,00042,000 294,000 Principal G.O.CapitalImprovementPlanBonds,Series2017A AdditionalproceedsfortheGovernmentServiceCenter.30308/30/17$337,000December15$294,000AnydateJanuary15,2025 N M , h NOTES p e s o J Total 2019202020212022202320242025 . t S f o YearPrincipalDue y ExistingDebt-G.O.CapitalImprovementPlanBonds,Series2017APurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: t i C (45) 393 9,4922,3502,182 Cash Ending Balance Page37of41 15,00020,56130,30420,00031,93219,79520,00031,34920,00030,76625,00035,183(3,523)30,00039,601(2,003)30,00039,01830,00038,43527,00034,852 217,000301,697 NetTaxLevyTotal 0000000000 Less: Other Revenues 0000000000 Less: Income Interest 0000000000 Tax Revenues Less:Sales 0000000000 Water Less:Storm 0000000000 Less: Water 0000000000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 5,5619,6019,0188,4357,852 11,93211,34910,76610,18384,697 Assessments Less:Special 45,38944,56243,73541,85841,05539,98438,91337,84236,771 105% TaxLevy Subjectto 43,22842,44041,65339,86539,10038,08037,06036,04035,020 P&I 352,485370,109$75,911 TaxLevy Subjectto Total 43,22842,44041,65339,86539,10038,08037,06036,04035,020 352,485 8,2287,4406,6535,8655,1004,0803,0602,0401,020 43,485 Interest Rates 2.250%2.250%2.250%2.250%3.000%3.000%3.000%3.000%3.000% DEBTSERVICEPAYMENTS 35,00035,00035,00034,00034,00034,00034,00034,00034,000 309,000 Principal G.O.Bonds,Series2017B-ImprovementPortion FinancetheCentralBusinessDistrict(CBD),PhaseI,alleyproject.30508/30/17$344,000December15$309,000December15,2022December15,2027 1Debtservicescheduleisthe"ImprovementPortion"ofthe2015ABondsonlyandsecuredbyspecialassessmentsandadvalorempropertytax.2$25,340inprepaidassessmentswerecollectedanddepositedintotheconstructionaccountat issuance.3Specialassessmentprincipaloutstandingasof12/31/2018: N M , NOTES h p e s o Total 201920202021202220232024202520262027 J . t S f o YearPrincipalDue Purpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: y t i C Cash Ending Balance Page38of41 081,21238,867079,53542,655076,80846,312075,15449,8910312,708 NetTaxLevyTotal 00000 Less: Other Revenues 00000 Less: Income Interest 00000 Tax Revenues Less:Sales 00000 Water Less:Storm 81,21279,53576,80875,154 Less: Water 00000312,708 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 00000 Assessments Less:Special 81,21279,53576,80875,154 105% TaxLevy Subjectto 77,34575,74873,15071,575 P&I 297,818312,708 TaxLevy Subjectto Total 77,34575,74873,15071,575 297,818 6,3454,7483,1501,575 15,818 Interest (Finalmaturitydateofthe2017B,ImprovementPortionis12/31/2027,calldateprovidesfortheoptionalredemptionforthisportion.) Rates 2.250%2.250%2.250%2.250% DEBTSERVICEPAYMENTS 71,00071,00070,00070,000 282,000 Principal G.O.Bonds,Series2017B-SystemPortion FinanceWaterTreatmentPlantNo.1improvements.60109/01/13$1,875,000December15$282,000December15,2022December15,2022Debtservicescheduleisthe"SystemPortion"ofthe2017BBo ndsonlyarepayablefromnetrevenuesplus5%fromtheWaterTreatmentFundandsecuredbyanunlimitedadvaloremtaxpledge. N 12TheBondsarereportedasaliabilityoftheWaterTreatmentFund. M , h NOTES p e s o J . Total 2019202020212022 t S f o y YearPrincipalDue t i ExistingDebt-G.O.Bonds,Series2017B-SystemPortionPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C 5,514 93,70499,217 Cash 104,728 Ending Balance Page39of41 115,784115,767115,737 0115,7880115,72511,0240115,77316,5370115,80922,0520115,71127,5620115,72433,0730115,72638,5840115,71544,0940115,69249,6030115,77955,1160115,73160,6270115,79266,1410115,71971,6520115,75577,1640115,7788 2,6770115,78888,19100002,199,294 NetTaxLevyTotal 00000000000000000000 Revenues Less:Other 00000000000000000000 Less: Income Interest 00000000000000000000 Tax Revenues Less:Sales 00000000000000000000 Water Less:Storm 00000000000000000000 Less: Water 115,788115,725115,773115,809115,711115,724115,726115,715115,692115,779115,731115,792115,719115,755115,778115,788115,784115,767115,737 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 000000000000000000002,199,294 Assessments Less:Special 115,784115,767115,737 105% TaxLevy Subjectto P&I 110,274115,788110,215115,725110,260115,773110,294115,809110,201115,711110,214115,724110,215115,726110,205115,715110,183115,692110,265115,779110,220115,731110,278115,792110,209115,719110,243115,755110 ,265115,778110,274115,788110,271110,254110,226 TaxLevy Subjectto Total 110,274110,215110,260110,294110,201110,214110,215110,205110,183110,265110,220110,278110,209110,243110,265110,274110,271110,254110,226 9,1998,0926,9745,8434,7003,5442,3751,194 20,60519,62418,63217,62816,61415,58914,55313,50512,44611,37610,293 Interest 212,7872,094,5652,094,5652,199,294 Rates 1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095%1.095% DEBTSERVICEPAYMENTS 89,66990,59191,62892,66693,58894,62595,66296,69997,73798,88999,927 101,079102,116103,269104,422105,574106,727107,879109,032 Principal 1,881,779 CityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)Loan St.CloudWastewaterPFANoteforabiosolidstreatmentupdate(CityreferstotheprojectasNR2-newtreatmentmethod)60210/09/17$1,744,736December1$1,881,7 79CallableatanytimeAugust20,2037 N 1TheCityofSt.Josephisresponsiblefor10.44%oftheprojectcosts. M , h NOTES p e s o J . Total 2019202020212022202320242025202620272028202920302031203220332034203520362037 t S f o y YearPrincipalDue t i ExistingDebt-CityportionofSt.CloudPublic2017FacilitiesAuthority(PFA)LoanPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C 426 1,0551,4901,7551,373 Cash Ending Balance Page40of41 57,00057,00158,00058,00457,50057,51157,00057,01557,00057,018 286,500286,548 NetTaxLevyTotal 000000 Revenues Less:Other 14 11151848 Less: Income Interest 000000 Tax Revenues Less:Sales 000000 Water Less:Storm 000000 Less: Water 000000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 000000 Assessments Less:Special 59,45660,24459,92959,58860,270 105% TaxLevy Subjectto 56,62557,37557,07556,75057,400 P&I 285,225299,486 TaxLevy Subjectto Total 56,62557,37557,07556,75057,400 285,225 6,6255,3754,0752,7501,400 20,225 Interest Rates 2.500%2.500%2.500%2.500%2.500% DEBTSERVICEPAYMENTS 50,00052,00053,00054,00056,000 265,000 Principal G.O.Bonds,Series2018A-EquipmentCertificates Financeequipmentacquisition.30602/28/18$265,000December15$265,000Non-callableDecember15,2023 N 1Sourceofotherrevenueincludes$5,282ofcapitalizedinterestfundsfrombondproceeds. M , h NOTES p e s o J . Total 20192020202120222023 t S f o y YearPrincipalDue t i ExistingDebt-G.O.Bonds,Series2018A-EquipmentCertificatesPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C - Cash Ending Balance 0 Page41of41 0 91,886591,19528,15282,749560,26254,83189,885552,37981,13591,535539,007106,80298,294530,738132,075 104,822522,233156,944110,880513,256181,384111,221498,556205,125116,456488,744228,399120,995478,230251,171 NetTaxLevyTotal 0000000000001,018,7235,274,599 Revenues Less:Other 00 282548811 1,0681,3211,5691,8142,0512,284 11,748 Less: Income Interest 000000000000 Tax Revenues Less:Sales 000000000000 Water Less:Storm 000000000000 Less: Water 000000000000 Less: Sewer SOURCESOFFUNDSFORDEBTSERVICESPAYMENTS Sanitary 0 499,309477,231461,946446,661431,376416,091400,806385,521370,236354,951 4,244,128 Assessments Less:Special 0 105% TaxLevy Subjectto 0 P&I 563,043591,195533,583560,262526,075552,379513,340539,007505,465530,738497,365522,233488,815513,256474,815498,556465,470488,744455,458478,230 TaxLevy Subjectto 0 Total 563,043533,583526,075513,340505,465497,365488,815474,815465,470455,458 0 78,58371,07563,34055,46547,36538,81529,81520,47010,458 Interest 108,043523,4285,023,4285,023,4285,274,599 Rates 0.000%1.600%1.650%1.700%1.750%1.800%1.900%2.000%2.100%2.250%2.350% 0 DEBTSERVICEPAYMENTS 455,000455,000455,000450,000450,000450,000450,000445,000445,000445,000 Principal 4,500,000 G.O.Bonds,Series2019A-PRELIMINARYNOTISSUED Financestreetimprovementssupportedbyspecialassessments 3078/29/2019PRELIMINARYNOTISSUED$4,720,000December15$4,500,000December27,2019December15,2029 N 1Scheduleispreliminaryandassumesnettaxlevyisnotadjustedforpotentialcashavailablewithinthefundinthefuture.2ScheduleisbasedontheCityreducingtheestimatedtaxlevytobecertified,basedonprojectedtotalspecial assessmentrevenuecollectedforthetwopurposesforthe2019bondissuance. M , h NOTES p e s o J . Total 20192020202120222023202420252026202720282029 t S f o y YearPrincipalDue t i ExistingDebt-G.O.Bonds,Series2019A-PRELIMINARYNOTISSUEDPurpose:CityFund:Dated:OriginalAmount:Mature:Outstanding:Call:FinalMaturity: C CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- D EBTSTUDY CityofSt.Joseph August5,2019 CityCouncilMeeting TammyOmdal,Northland RC18- ItemstoCover Purpose Studyapproach Overviewofoutstandingobligationsand sourceofrevenueforrepayment CreditRatings 2 NorthlandPublicFinance1 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Purpose Cityusestheissuanceofdebtasanimportantand essentialtoolforfinancingcapital Ongoingdebtmanagementisimportantto monitortherepaymentofdebtobligationsandto bewellpreparedforthefutureissuanceofdebt StudyisintendedtoserveasaguidefortheCity’s financialmanagementofitsdebtobligations AlldebtobligationsidentifiedbytheCityare includedintheStudy Studyisbuiltaroundidentifiedkeyassumptions, includingassumptionsforfuturerevenuesources 3 RC18- StudyApproach Stepstakenaspartofthestudyprocessincludedthe Cityprovidinginformationonpastfinancial information Cashbalancesandverificationofcurrentsourceoffundsfor debtpayment Informationwasorganized,analyzed,andusedto supportthedevelopmentoffinancialplansforeach seriesofdebtoutstandingbypurpose StudydidnotincludereconciliationtotheCity’smost recentauditedfinancialstatementsbyNorthland Studydidnotincludeareviewoftheutilityfundsto verifyratesaresetatalevelsufficienttomeetexisting outstandingdebtobligations 4 NorthlandPublicFinance2 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Overview Citydemonstratesstrongfinancial managementofitsdebtobligations Cityshouldcontinuetomonitorreceiptofspecial assessmentsforthe2016BBondsandneedforother sourcesofrevenue(salestaxandtaxlevy)while assessmentsremaindeferred Bondrating “AA-”ratingfromS&P Strongmanagement Rapidamortizationofdebt Verystrongliquidityandbudgetaryflexibility 5 RC18- Chart1 TaxLevyforDebtService (ForExistingDebtOutstandingasofDecember31,2018andProjectedDebtin2019) $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 6 NorthlandPublicFinance3 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Chart2 TotalDebtOutstandingatYear-End (BasedonDebtasofDecember31,2018andProjectedDebtfor2019) $30.0 s n o i l l i M $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 2019202020212022202320242025202620272028202920302031203220332034203520362037 7 RC18- Chart3 SourceofRevenueforPaymentonTotalDebtOutstanding (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) SpecialAssessments 17% TaxLevy 30% SanitarySewer Revenue 27% AllOtherRevenue 2% WaterRevenue SalesTaxRevenue 17% 7% 8 NorthlandPublicFinance4 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Chart4 AmortizationofOutstandingDebt (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) 120% 100% 80% 60% % % % 0 0 % % % 8 0 %0 7 % 6 4 9 1 31 % 9 1 9 9 9 7 % 9 8 2 40% % 8 5 % 7 9 % 6 3 % 6 4 % 5 6 % 20% 4 7 % 3 8 %2 9 1 % 9 0% 2019202020212022202320242025202620272028202920302031203220332034203520362037 12345678910111213141516171819 9 RC18- Chart5 DebtServicePaidbyWaterRevenue (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 10 NorthlandPublicFinance5 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Chart6 DebtServicePaidbySanitarySewerRevenue (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 11 RC18- Chart7 DebtServicePaidbySpecialAssessments (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 12 NorthlandPublicFinance6 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- Chart8 DebtServicePaidbySalesTaxRevenue (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 13 RC18- Chart9 DebtServicePaidbyAllOtherRevenue StormWater,InterestIncome,andOtherSources (DebtOutstandingasofDecember31,2018andProjectedDebtfor2019) $250,000 $200,000 $150,000 $100,000 $50,000 $0 2019202020212022202320242025202620272028202920302031203220332034203520362037 14 NorthlandPublicFinance7 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- CreditRating S&PGlobalRatingsassignsits‘AA-'long-term ratingtotheCity’soutstandinggeneral obligationbonds Creditratingisaforward-lookingopinion aboutthecreditworthinessoftheCity RatingopinionreflectsS&Ps'viewoftheCity's capacityandwillingnesstomeetitsfinancial commitmentsastheycomedue 15 RC18- CreditRating DefinitionsofS&Ps’Long-TermIssueCredit RatingsbyCategories Anobligationrated'AAA'hasthehighestratingassigned byS&P.Theobligor'scapacitytomeetitsfinancial commitmentsontheobligationisextremelystrong. Anobligationrated'AA'differsfromthehighest-rated obligationsonlytoasmalldegree.Theobligor'scapacity tomeetitsfinancialcommitmentsontheobligationis verystrong. Anobligationrated'A'issomewhatmoresusceptibleto theadverseeffectsofchangesincircumstancesand economicconditionsthanobligationsinhigher-rated categories.However,theobligor'scapacitytomeetits financialcommitmentsontheobligationisstillstrong. 16 NorthlandPublicFinance8 CityofSt.Joseph,MN–DebtStudyAugust5,2019 RC18- CreditRating ExampleofS&PLong-TermRatingScale AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- 17 RC18- ThankYou NorthlandPublicFinance TammyOmdal ManagingDirector Thepublicfinancegroupof 612-851-4964 NorthlandSecurities,Inc. tomdal@northlandsecurities.com 150SouthFifthStreet,Suite3300 Minneapolis,Minnesota55402 800-851-2920 www.northlandsecurities.com/public_finance MemberofFINRAandSIPC|RegisteredwithSECandMSRB Theinformationcontainedinthispresentationhasbeenderivedfromsourcesbelievedtobereliable,butis notguaranteedastoaccuracyandcompletenessanddoesnotpurporttobeacompleteanalysisofthe materialdiscussed.TheopinionsexpressedhereindonotnecessarilyreflectthoseofNorthlandSecurities, Inc.,andaresubjecttochangewithoutnotice. 18 NorthlandPublicFinance9 Summary: St.Joseph,Minnesota;General Obligation PrimaryCreditAnalyst: EmilyPowers,Chicago+1(312)2337030;emily.powers@spglobal.com SecondaryContact: DavidHSmith,Chicago+1(312)2337029;david.smith@spglobal.com TableOfContents Rationale Outlook RelatedResearch WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 1 Summary: St.Joseph,Minnesota;GeneralObligation CreditProfile US$4.72milGOimpbndsser2019Adue12/15/2029 LongTermRating AA-/StableNew St.JosephGO LongTermRating AA-/StableAffirmed Rationale S&PGlobalRatingsassignedits'AA-'long-termratingtoSt.Joseph,Minn.'sseries2019Ageneralobligation(GO) improvementbonds.Atthesametime,S&PGlobalRatingsaffirmedits'AA-'ratingonthecity'sexistingGObonds. Theoutlookisstable. Thecity'sfullfaithandcreditpledgeandabilitytolevyunlimitedadvalorempropertytaxessecuresthebonds;it intendstopaydebtservicewithspecialassessments.Thecity'sexistingGObondsarealsosecuredbyitsfullfaithand creditpledge.Proceedswillbeusedtofinancevariousstreetimprovementprojects,aswellasprovidefundingto expandanindustrialparkinthecity. The'AA-'ratingreflectsourassessmentofthecity's: Adequateeconomy,withprojectedpercapitaeffectivebuyingincome(EBI)at65.2%andmarketvaluepercapitaof $53,678,thoughthatbenefitsfromaccesstoabroadanddiversemetropolitanstatisticalarea(MSA)andalocal stabilizinginstitutionalinfluence; Strongmanagement,withgoodfinancialpoliciesandpracticesunderourFinancialManagementAssessment(FMA) methodology; Strongbudgetaryperformance,withbalancedoperatingresultsinthegeneralfundandanoperatingsurplusatthe totalgovernmentalfundlevelinfiscal2018; Verystrongbudgetaryflexibility,withanavailablefundbalanceinfiscal2018of77%ofoperatingexpenditures; Verystrongliquidity,withtotalgovernmentavailablecashat138.2%oftotalgovernmentalfundexpendituresand 5.1xgovernmentaldebtservice,andaccesstoexternalliquidityweconsiderstrong; Weakdebtandcontingentliabilityposition,withdebtservicecarryingchargesat27.3%ofexpendituresandnet directdebtthatis304.8%oftotalgovernmentalfundrevenue,butrapidamortization,with73.1%ofdebtscheduled toberetiredin10years;and Stronginstitutionalframeworkscore. Inrecentyears,St.Josephhasmaintainedstableoperationalperformance,withyear-endresultsfluctuatingright aroundbreak-even.Itsreserveshavebeenhistoricallymaintainedatverystronglevels,inlinewiththecity'sfund balancepolicy,atrendthatweexpecttocontinue.Whilethedebtprofilehasmoderatedminimallysinceourlast WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 2 Summary: St. Joseph, Minnesota; General Obligation review,itstillremainsatalevelweconsiderweak.However,ithasbeenhistoricallystableandmanagedwithinits budget.Inaddition,thecity'sotherlong-termliabilities,specificallypensions,aremanageable,furthersupportingits underlyingcreditquality.Therefore,webelievethecitywillmaintainitsoperationalperformanceanddebtprofileata levelthatiscomparablewiththecurrentrating. Adequateeconomy WeconsiderSt.Joseph'seconomyadequate.Thecity,withanestimatedpopulationof6,836,isinStearnsCountyin theSt.CloudMSA,whichweconsidertobebroadanddiverse.Italsobenefits,inourview,fromastabilizing institutionalinfluence.ThecityhasaprojectedpercapitaEBIof65.2%ofthenationallevelandpercapitamarket valueof$53,678.Overall,marketvaluewasstableoverthepastyearat$366.9millionin2019.Thecounty unemploymentratewas2.9%in2018. Thecity'sresidentsbenefitfromparticipationinthenearbySt.CloudMSAeconomywithmanycommutingtherefor employmentopportunities.ThelargestudentpopulationattheCollegeofSt.Benedict/StJohn'sUniversity(roughly 3,500students),locatedinthecity,suppressesincomelevelssomewhat.Inourview,thecollegeactsasastabilizing institutionthatwebelieveaddstothecity'screditstrength.Managementhasindicatedthatoverall,therehasbeen steadygrowth,includingarevitalizationofthedowntownarea,aswellasanexpandingindustrialparkandsome developmentinthecommercialandresidentialsectors.Thecity'shistoryofmaintainingstableeconomicmetricsand management'sexpectationforcontinuedslowgrowthsupportourviewthattheeconomywillremainadequateover thenearterm. Strongmanagement Weviewthecity'smanagementasstrong,withgoodfinancialpoliciesandpracticesunderourFMAmethodology, indicatingfinancialpracticesexistinmostareas,butthatgovernanceofficialsmightnotformalizeormonitorallof themonaregularbasis. Thecityusesthreeyearsofhistoricaltrendsandconsiderscurrenteconomicconditionswhenmakingrevenueand expenditureassumptionsinitsbudget.Managementprovidesthecouncilwithamonthlybudget-to-actualreportand quarterlyinvestmentholdingsreports.Thecitydoesnothavealong-termfinancialplanbuthasafive-yearcapital improvementplanthatisupdatedannuallyandidentifiesfundingsourcesfortheprojects.Ithasitsowninvestment anddebtmanagementpolicies.Thecity'sreservepolicyrequiresaminimumgeneralfundreserveoffour-to-six monthsofthenextyear'sbudgetedexpendituresinthegeneralfund(excludingthefiredepartment)forcash-flow purposes. Strongbudgetaryperformance St.Joseph'sbudgetaryperformanceisstrong,inouropinion.Thecityhadbalancedoperatingresultsinthegeneral fundof0.5%ofexpenditures,andsurplusresultsacrossallgovernmentalfundsof7.1%infiscal2018. Inassessingbudgetaryperformance,weadjustedgeneralfundrevenuesandexpenditures,aswellastotal governmentalfundrevenuestoincludeannuallyrecurringtransfers.Wealsoremovedone-timecapitalspending fundedwithbondproceeds.Continueddevelopmentthroughoutthecityhashelpedgenerateitsstableoperational performanceinrecentyears,withitemslikebuildingpermitrevenuescominginhigherthanbudgeted.Beginningin 2017,thecounciloptedtobegintransferringexcessmoneyinthegeneralfundintoadebtservicereservefund(DSRF) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 3 Summary: St. Joseph, Minnesota; General Obligation tohelpsetasidefundsforcapitalimprovementprojects.Afteraccountingforthesetransfers,thecitystillposted positiveoperatingresultsin2018,somanagementplanstocontinuethem. Thecurrent2019budgetissettoincreasefundbalancebyroughly$57,000,butmanagementexpectsactualresultsto beslightlybetterthanbudgetedduetothesaleofapieceofproperty.Itdoesnotexpecttodrawdowngeneralfund reservesinthenearterm.Acrossgovernmentalfunds,therewilllikelybefluctuationsinperformance,duetospending intheDSRFonvariousprojects,aswellasatrailprojectthatwillbefundedbycashfromthelocaloptionsalestaxand afederalgrant.Basedoncurrentprojectionsandnoimpendingbudgetarypressures,weexpectourviewofthecity's budgetaryperformancetoremainunchangedoverthenexttwoyears. Verystrongbudgetaryflexibility St.Joseph'sbudgetaryflexibilityisverystrong,inourview,withanavailablefundbalanceinfiscal2018of67%of operatingexpenditures,or$2.4million.Weexpecttheavailablefundbalancetoremainabove30%ofexpendituresfor thecurrentandnextfiscalyears,whichweviewasapositivecreditfactor. StableoperatingresultsinrecentyearshavehelpedSt.Josephsustainastrongreservepositionthatithasconsistently maintainedinexcessof65%ofexpendituresforthepastseveralyears,andwhichisalsoinlinewithitsfundbalance policy.Managementmonitorsreservesclosely,andoftenmakeuseofreserveflexibilityattheendofeachyear, transferringoutmoniesinexcessofitspolicytootherfundstopayforprojects.Withthebudgetforfiscal2019 showinganincreasetofundbalance,whichweviewasanachievableresult,andnoplanstodrawdownreserves,we expectbudgetaryflexibilitytoremainverystrong. Verystrongliquidity Inouropinion,St.Joseph'sliquidityisverystrong,withtotalgovernmentavailablecashat138.2%oftotal governmentalfundexpendituresand5.1xgovernmentaldebtservicein2018.Inourview,thecityhasstrongaccessto externalliquidityifnecessary. St.Josephheldapproximately$7.7millioninavailablecashinfiscal2018(lessunspentbondproceeds).Wedonot considerthecity'sinvestmentsaggressive,asitprimarilyinvestsinU.S.governmentsecurities,certificatesofdeposit, 4Mfunds,andmoneymarketfunds.Inouropinion,thecityhasstrongaccesstoexternalliquiditybecauseithas issuedGOdebtwithinthepast20years. Thecitymaintainsthreeprivatelyplacedbankloans,enteredintoinAugust2017andFebruary2018.Theloans,with atotalof$1.2millionoutstanding,wereissuedforvariouspurposes,includingadditionalcostsassociatedwiththenew governmentcenterproject,analleyproject,watertreatmentplantimprovements,andpurchasinggeneralequipment. Theagreementsforeachcontainnoeventsofdefaultorcovenantviolationswhichweconsidernonstandardpursuant toourcontingentliquiditycriteria. Weakdebtandcontingentliabilityprofile Inourview,St.Joseph'sdebtandcontingentliabilityprofileisweak.Totalgovernmentalfunddebtserviceis27.3%of totalgovernmentalfundexpenditures,andnetdirectdebtis304.8%oftotalgovernmentalfundrevenue. Approximately73.1%ofthedirectdebtisscheduledtoberepaidwithin10years,whichis,inourview,apositive creditfactor. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 4 Summary: St. Joseph, Minnesota; General Obligation Wecalculatetotaldirectdebtatabout$50.4million;ournetdirectdebtcalculationexcludesrevenuebondssupported bythecity'swaterandsewersanitaryfunds.Thecitycouldpotentiallyissueanadditional$1.5millioninGObonds andequipmentcertificatesin2020forparkinglotrepairsandgeneralcityequipment.Wedonotexpecttheadditionof thisdebttoweakenourviewofitsdebtandcontingentliabilityprofile. St.Joseph'spensioncontributionstotaled3.0%oftotalgovernmentalfundexpendituresin2018.Thecitymade102% ofitsannualrequiredpensioncontributionin2018.Theliabilityforotherpostemploymentbenefitsnolongerexistsas aresultofthecityoptingforsmallgrouphealthinsurance.Underthecurrentmedicalplan,theimplicitrateforretirees wentawayin2017. St.JosephparticipatesintheGeneralEmployeesRetirementFund(GERF)andthePublicEmployeesPoliceandFire Fund(PEPFF),whicharecost-sharing,multiple-employer,defined-benefitpensionplansadministeredbythePublic EmployeesRetirementAssociationofMinnesota(PERA).Requiredpensioncontributionstotheseplansare determinedbystatestatute.Contributionsarenotbasedonanactuarialdeterminedcontribution(ADC)andhavenot beenkeepingupwiththeplans'increasingliabilities,whichindicatesthatemployercontributionsmayriseinthe future.Thestaterecentlypassedpensionlegislationthatwillmarginallyincreasecontributions(forPEPFFonly), reducetheinvestmentrateofreturnto7.5%(from8.0%),andreducesomeemployeebenefits(primarilycost-of-living adjustments).Whileweviewtheseaspositivechangesforfutureplanfundinglevels,thelackofanactuarialfunding policyremainsaweaknessintheseplans.(Formoreinformationaboutthereformsincludedinthe2018omnibus retirementbillandthepotentialforfuturecostincreases,seeourarticletitled,"MinnesotasNewPensionBillIsA PositiveStepTowardSustainableFunding,"publishedonJune7,2018,onRatingsDirect.) TheGERFandPEPFFwere79.5%and88.8%funded,respectively,infiscal2018.Thecity'sproportionateshareofthe netpensionliabilityfortheseplanstotaled$1.4millioninfiscal2018,themostrecentyearforwhichdataareavailable. Weconsiderhistoricalplanfundinglevelssomewhatweak,andwebelievethatthehistoryofpensioncontributions belowtheADCincreasestheriskofpaymentacceleration.Despitetheseweaknesses,webelieveSt.Josephhas sufficienttaxingandoperationalflexibilitytomanagefutureincreasesinpensioncontributions.However,ifpension contributionscometoabsorbalargershareofthecity'sbudget,ourviewofitsdebtandcontingentliabilityprofile couldweaken. St.Josephalsoparticipatesinasingle-employerdefined-benefitpensionplan,administeredbytheCityofSt.Joseph VolunteerFireDepartmentReliefAssociation.Thecityreceivedroughly$54,000inon-behalfpaymentsfromthestate infiscal2018fortheplan.Theplandidnotrequireanyadditionalcontributionfromthecity. Stronginstitutionalframework TheinstitutionalframeworkscoreforMinnesotacitieswithapopulationgreaterthan2,500isstrong. Outlook ThestableoutlookreflectsourexpectationthatSt.Josephwillmaintainstablebudgetaryperformance,coupledwitha verystrongliquidityandbudgetaryflexibilityprofile.Inaddition,weexpectthecity'seconomytoremainstable,sodo notanticipatechangingtheratingwithinthetwo-yearoutlookperiod. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 5 Summary: St. Joseph, Minnesota; General Obligation Upsidescenario Ifthedebtprofilemoderatessignificantlywhilethecitymaintainsverystrongbudgetaryflexibilityorifeconomic indicatorsimprovesignificantly,wecouldraisetherating. Downsidescenario Wecouldlowertheratingifthecity'sbudgetaryperformanceorflexibilitymateriallydeterioratetolevelsnolonger commensuratewiththecurrentrating. RelatedResearch 2018UpdateOfInstitutionalFrameworkForU.S.LocalGovernments S&PPublicFinanceLocalGOCriteria:HowWeAdjustDataForAnalyticConsistency,Sept.12,2013 IncorporatingGASB67And68:EvaluatingPension/OPEBObligationsUnderStandard&Poor'sU.S.Local GovernmentGOCriteria,Sept.2,2015 RatingsDetail(AsOfJuly18,2019) St.JosephGObnds LongTermRating AA-/StableAffirmed St.JosephGObndsser2013Adtd09/01/2013due12/01/2014-20202022-202420262028 LongTermRating AA-/StableAffirmed St.JosephGOcapimpplanrfdgbnds LongTermRating AA-/StableAffirmed St.JosephGOimpbndsser2010Bdtd09/01/2010due12/01/2011-202020232025 LongTermRating AA-/StableAffirmed St.JosephGOtaxabatementbndsser2015Bdtd08/01/2015due12/01/2030 LongTermRating AA-/StableAffirmed St.JosephGOwtrrevcrossoverrfdgbndsser2012Adtd04/01/2012due12/01/2016-20252028 LongTermRating AA-/StableAffirmed St.JosephGO(AGM) UnenhancedRating AA-(SPUR)/StableAffirmed Manyissuesareenhancedbybondinsurance. Certaintermsusedinthisreport,particularlycertainadjectivesusedtoexpressourviewonratingrelevantfactors,havespecificmeaningsascribed totheminourcriteria,andshouldthereforebereadinconjunctionwithsuchcriteria.PleaseseeRatingsCriteriaatwww.standardandpoors.comfor furtherinformation.CompleteratingsinformationisavailabletosubscribersofRatingsDirectatwww.capitaliq.com.Allratingsaffectedbythisrating actioncanbefoundonS&PGlobalRatings'publicwebsiteatwww.standardandpoors.com.UsetheRatingssearchboxlocatedintheleftcolumn. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 18, 2019 6 Copyright © 2019 by Standard & Poors Financial Services LLC. All rights reserved. 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