2. EDSR 10-15-2007 - Laserfiche WebLink

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practices and history of prudent fiscal management, Moody's expects the city to maintain healthy financial operations over the near term. ABOVE AVERAGE DEBT BURDEN REFLECTS GROWING REGION Including the city's lease debt, the city's 5% overall debt burden is above the state median of 3.4%, and largely reflects the needs of a growing region, including overlapping entities, such as Elk River Independent School District. The city's direct debt level of 1.6% is more manageable, with a portion of direct debt supported by special assessments and enterprise system revenues, thus further mitigating the impact on taxpayers. The Economic Development Authority plans to issue an additional $2 million in early 2008 to complete the financing for the YMCA facility. One-third of the debt service payments will be supported by lease payments made by YMCA and the city will levy for remainder. Principal amortization is below average with 57.6% of debt retired in 10 years; however, debt issued is 2008 will level the debt service schedule and positively affect the overall amortization of the debt. Given the city's sustained tax base growth, significant supporting revenue streams (a sizeable portion is backed by special assessments on affected property), Moody's believes the city's debt profile should remain manageable over the near to medium term. KEY STATISTICS 2007 Population (Estimate): 22,550 2006 Full Value: $2.3 billion 2006 Full Value Per Capita: $101,526 2000 Per Capita Income, as a % of state: 94.0% 2000 Median Family Income, as a % of state: 115.1 2000 Median Home Value, as a % of US: 121.1% Direct debt burden: 1.61 Overall debt burden: 5.0% Principal amortization, in ten years 57.6% Fiscal 2006 General Fund Balance: $4.8 million (44% of revenues) Post-sale general obligation debt outstanding: $27.7 million, including current offering Analysts Molly Shellhorn Analyst Public Finance Group Moody's Investors Service Rachel Cortez Backup Analyst Public Finance Group Moody's Investors Service Contacts Journalists: (212) 553-0376 Research Clients: (212) 553-1653 ©Copyright 2007, Moody's Investors Service, Inc. and/or its licensors including Moody's Assurance Company, Inc. (together, "MOODY'S"). All rights reserved. FIC.I. 'vtt)Eir.M1A.;_.(:1N CX:)N"t'AINE.=t) E9[:.RE::itd ?5 F~f2i3t'E {.:T( t7 E3Y .;C.}E>YFZG('iT l..A'Jet APJ1> P:C)NE. C)E' S:K:fi INf'C?hP~l/'aTt{.'rd !~16iY Ear i~C)P:F.'t) t)tZ iiTtiEr.tZNJiSE. RrF'~tiC}Ci;.l(::EiU, RLIi>1~CK.AGEtJ, i l''tY'i"EiEtt T'R,1"dS[•~1":.'t"~'@it), l'F'tfaNa"ii{'ZkE.it}, E>.t;7.'.iEh13'N/aT't(t), Ft@iEJ1S"E'tii,c?1.t7-E=[~ OtZ tiE.i`~f.}L.i), C)R S-rC)RP_I'a I f3F7 :SllE3SEirC~IJE(l t I;SC! PC.}R t\NY 5i.li::EE {>iltt{''i)SE, .EPA 1<JiiC}t.E` JF2 .EN PAF2T. 7N AEVY