S&P Rts Morrison Cnty,MN GO Bnds Ser '97,Afms Outst Rtgs.NEW YORK--(BUSINESS WIRE)--S&P's CreditWire 6/24/97--Standard & Poor's today has assigned its single-'A'-minus rating to Morrison County, Minn.'s $2.67 million G.O. taxable tax increment To add a number to another number. Incrementing a counter means adding 1 to its current value. bonds series 1997 dated July 1, 1997 due Feb. 1, 2000-2007. Standard & Poor's has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its single-'A'-minus rating on the county's $3.7 million outstanding G.O. bonds. At the same time, Standard & Poor's has affirmed its single-'A'-minus rating on Morrison County Housing and Redevelopment Authority's $4.1 million unlimited tax jail lease series 1993A, secured by Morrison County. The outlook is stable. The ratings reflect Morrison County's narrow and seasonal economy that is predominantly agricultural based, its strong financial position, and its moderate debt burden. Located north of St. Cloud, Minn., Morrison County remains largely rural and is one of the state's major dairy producers. The leading employers have had some growth, including retirement and health care service providers and boat and wood products manufacturers. The county's labor force trends are seasonal, usually peaking during the winter months at 10%-11% and declining to around 5% for the summer. Employment growth has increased the service sector, particularly health care. Additionally, U.S. Army and national guard training programs at Camp Riley have helped expand some service and retail trade employment. Per capita income Noun 1. per capita income - the total national income divided by the number of people in the nation income - the financial gain (earned or unearned) accruing over a given period of time remains a low 70% of the state and U.S. The estimated market value increased steadily during the past decade. The $1 billion value for 1997 is a high $33,000 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. . The 10 largest taxpayers remain a concentrated 16% of the net tax capacity, and include utilities and some commercial properties. Combined general fund, special revenue, and debt service operating expenditures increased 9.2% to $23.4 million during fiscal years 1993-1995, primarily due to public safety. The general fund's unaudited results for Dec. 31, 1996 indicate a slight $160,000 use of beginning funds. However, the general fund balance, on an accrual basis A method of accounting that reflects expenses incurred and income earned for Income Tax purposes for any one year. Taxpayers who use the accrual method must include in their taxable income any money that they have the right to receive as payment for services, once it , will likely remain near $4 million, or a strong 50% of the fund expenses. The fiscal 1997 general fund budget totals $8.2 million, with no use of reserves to supplement revenues. Overall net debt is a moderately high $1,500 per capita, but a more manageable 4% of market value. Annual debt service payments are expected to remain 5%-6% of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . No major additional debt issuance is planned, with annual street and highway projects funded annually from operations. OUTLOOK: Stable. The outlook reflects the expected continuation of the county's strong financial position and manageable debt burden, Standard & Poor's said.---CreditWire CONTACT: Kevin Taylor Kevin Taylor (born August 11, 1974) is an African-American professional skateboarder. He was born in Wildwood, New Jersey, began the sport at age 11, and turned professional at 16. Taylor skates in a regular stance, lives in Philadelphia. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-1910 Michael Forrester, New York (1) 212-208-1763 |
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