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Recommended <br />Actio~ <br /> <br />Proposed Timetable <br /> <br />ComlTlents <br /> <br />Recommended <br />Actio~ <br /> <br />Proposed Timetable <br /> <br />Comments <br /> <br />outlook. The outlook signals the potential for rating <br />changes in the foreseeable future. Two key steps in <br />seeking a rating upgrade will be: <br /> <br />· Scheduling a visit to Elk River by a Moody's <br /> analyst. <br />· Evaluating options for mitigating the impacts of <br /> the overlapping debt of the Elk River School <br /> District. <br /> <br />Review and coordinate key financial strategies with <br />Utilities Commission. <br /> <br />2002 and ongoing. <br /> <br />Several aspects of financial management have direct <br />implications for the Municipal Utilities. <br /> <br />· Ongoing review and adjustment of water system <br /> capital charges. <br />· Ongoing review and adjustment of water system <br /> user fees. <br />· Fund balance amounts and policies for water and <br /> electric funds. <br />· Issuance of debt and bond rating. <br />· Plans for funding water and electric system <br /> improvements in conjunction with pavement <br /> rehabilitation projects. <br /> <br />Prepare updated projections of property valuation and <br />tax rates. <br /> <br />First half of 2002. <br /> <br />The 2001 Legislature made significant changes to the <br />property tax system. Final tax capacity values and tax <br />rates will be known soon. This information is needed to <br />make revised projections of future tax rates. The <br />questions to be answered include: <br /> <br />· Will levy limits in 2003 and potentially beyond <br /> impair the ability of the City to meet current and <br /> future staffing needs? <br />· What are the tax rate implications of tax levies to <br /> support for capital improvements? <br />· Is the projected total tax rate (operations plus <br /> debt) acceptable? <br /> <br />(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />Utilities <br /> <br />Property Taxes <br /> <br />Page <br /> 10 <br /> <br /> <br />