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Criteria I Governments I U.S. Public Finance: U.S. Local Governments General Obligation Ratings:Methodology <br /> And Assumptions <br /> been added to the budgetary flexibility and liquidity scores to account for situations when projections suggest better <br /> or worse scores. These adjustments had previously existed only in the budgetary performance score in the RFC. <br /> • The liquidity score can be capped at'4' or'5'if certain levels of non-remote contingent liability risks exist to capture <br /> the significant stress these obligations can pose. <br /> • Chiefly due to the changes listed above,the ranges for the indicative rating outcomes in table 1 were changed <br /> slightly to keep consistent our view of credit quality for the sector. <br /> • Finally, additional characteristics were added to the description of the management score of'4'to capture situations <br /> where management is enduring or has recently endured conditions that pose credit stress. <br /> X. GLOSSARY <br /> 94. Available Fund Balance:the sum of the Available General Fund Balance + any other fund balances of the government <br /> legally available for operations. For entities that report on a cash basis,the criteria use cash balances instead of fund <br /> balances. <br /> 95. Available General Fund Balance: the portion of the general fund balance that is legally available for operations. Based <br /> on GASB 54 designations,this generally includes assigned and unassigned balances but may include committed if <br /> committed for emergencies or other uses intended to support operations if necessary. <br /> 96. Dependent Population: the total population of an area that is younger than 15 years plus the total population of an area <br /> older than 65. <br /> 97. Effective Buying Income(EBI): personal income(wages, salaries,interest, dividends,profits,rental income, and <br /> pension income)-federal, state, and local taxes and nontax payments(such as personal contributions for social <br /> security insurance). <br /> 98. General Fund Net Result(%) (total general fund revenues-total general fund expenditures + transfers in from other <br /> funds-transfers out to other funds)divided by general fund expenditures. <br /> 99. Metropolitan Statistical Area: geographic entities delineated by the federal government that contain a core urban area <br /> of 50,000 or more population. MSAs consist of one or more counties that include the core urban area as well as any <br /> adjacent counties that are highly integrated. <br /> 100. Total Government Available Cash:total cash(cash, and cash equivalents + investments(when grouped with cash in <br /> the audit))—proceeds of borrowings that are otherwise dedicated—other encumbered cash+ liquidation of certain <br /> highly liquid securities. <br /> 101. Total Governmental Funds Net Result(%): (total governmental revenues-total governmental expenditures)divided by <br /> total governmental fund expenditures. <br /> 102. Total Market Value:the estimated market value of all real and personal property within the jurisdiction,typically <br /> determined as part of a government or other independent appraisal to determine taxable or assessed value. <br /> WWW.STANDARDANDPOORS.COM/RATINGSDIRECT SEPTEMBER 12,2013 34 <br /> 1190266 1300881696 <br />