2. EDSR 02-04-2013 - Laserfiche WebLink

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Summary: Elk River Economic Development Authority, Minnesota Elk River; General Obligation capital projects. Elk River does not provide retirees with other post-employment 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 Association(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 2011,the city's contribution to GERF were$528,696 and PEPFF were$355,670,which equated to 4%of total governmental expenditures. Outlook The stable outlook reflects Standard&Poor's opinion that management will likely maintain balanced operations and, what we consider very strong reserves given it strong financial management practices. Given the current financial profile,we do not think we will change the rating within the outlook's two-year period. However,if the city's taxable market values continue to decline or growth and development pressures were to adversely affect the city's general fund operations and reserve levels then the rating would be lowered.The stable outlook also reflects our view the city's access to the St.Paul-Minneapolis and St. Cloud metropolitan areas. Related Criteria And Research • USPF Criteria:GO Debt,Oct. 12, 2006 • USPF Criteria:Financial Management Assessment,June 27, 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. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JANUARY 14,2013 4 1052136 300176Q-7;