Summary: Blaine, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Blaine, Minn.'s $12.55 million series 2024A general obligation (GO) tax abatement bonds. The outlook is stable. The city's full-faith-and-credit pledge and ability to levy unlimited ad valorem property taxes secure the 2024A bonds. The city also pledges available tax abatement revenues for the repayment of a portion of the bonds, but we rate the bonds based on the city's GO pledge. The bond proceeds will finance the construction of 10 turf fields with associated lighting and ancillary infrastructure at the National Sports Center and fund capitalized interest. Blaine's location less than 20 miles north of Minneapolis, paired with its large quantity of remaining developable land, has contributed to its steady development trend

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 111 Market value per capita ($) 163,801 Population 68,438 67,339 66,805 County unemployment rate (%) 2.9 Market value ($000s 11,210,226 9,700,248 8,711,317 8,231,688 Ten largest taxpayers % of taxable value 6.1 Strong budgetary performance Operating fund result % of expenditures 7.6 15.3 21.1 Total governmental fund result % of expenditures 0.0 6.0 (0.5) Very strong budgetary flexibility Available reserves % of operating expenditures 40.1 47.6 55.4 Total available reserves ($000s) 14,793 15,963 17,481 Very strong liquidity Total government cash % of governmental fund expenditures 190 188 159 Total government cash % of governmental fund debt service 1,826 1,951 1,768 Very strong management Financial Management Assessment Strong Weak debt & long-term liabilities Debt service % of governmental fund expenditures 10.4 9.7 9.0 Net direct debt % of governmental fund revenue 161 Overall net...

Summary