8.2.A. SR 02-21-2012 - Laserfiche WebLink

Home Browse Search

Summary: Elk River, Minnesota; General Obligation OUtIOOk The stable outlook reflects Standard & Poor's opinion that management will likely maintain balanced operations and, what Standard & Poor's considers, very strong reserves given the city's strong financial management practices. We do not think we will change the rating within the outlook's two-year period given our opinion that management will likely maintain, what we view as, very strong reserves. If the city's taxable market values were to continue to decline or if growth and development pressures were to have an adverse effect on general fund operations and reserves, however, we could lower the rating. The stable outlook also reflects our view of the city's access to the St. Paul-Minneapolis and St. Cloud metropolitan areas. Other Postemployment Benefits And Pensions Elk River does not provide retirees with other postemployment benefits. Retirees, however, can participate in the city's health insurance plan as long as they pay the entire premium cost themselves. The defined-benefit plans administered by the Minnesota Public Employees' Retirement Assn. (PERA) cover all full-time and certain part-time city employees. PERA administers the general employees' retirement fund (GERF) and the public employees police and fire fund (PEPFF), which are cost-sharing, multiple-employer retirement plans. In fiscal 2010, the city's contributions to GERF and PEPFF were $501,726 and $357,977, respectively. Related Criteria And Research USPF Criteria: GO Debt, Oct. 12, 2006 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Standard & Poors ~ RatingsDirect on the Global Credit Portal ~ February 17, 2012