Summary: Hastings, Minnesota; General Obligation

S&P Global Ratings assigned its 'AA+' rating to Hastings, Minn.'s $10.295 million general obligation charter bonds. The outlook is stable. Securing the bonds is the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bond proceeds will finance civic arena and city hall improvements along with street and utility improvements. The city has sustained positive financial operations, which we believe is partially attributable to its financial management practices and policies and increasing tax base. For the fiscal 2024 budget, management and department heads continued to use long-term financial planning software to evaluate the future effects of current budgetary decisions. This is one factor behind our Financial Management Assessment score of strong; we believe

...Most recent Historical information 2022 2021 2020 Ten largest taxpayers % of taxable value 5.9 !!BLANK!! budgetary performance Operating fund result % of expenditures 4.5 5.8 11.4 Total governmental fund result % of expenditures 2.5 2.0 1.9 Very strong budgetary flexibility Available reserves % of operating expenditures 64.4 62.0 67.9 Total available reserves ($000) 11,803 11,283 10,374 Very strong liquidity Total government cash % of governmental fund expenditures 131 111 102 Total government cash % of governmental fund debt service 950 831 701 Very strong management Financial Management Assessment Strong Strong debt & long-term liabilities Debt service % of governmental fund expenditures 13.8 13.4 14.6 Net direct debt % of governmental fund revenue 121 Overall net debt % of market value 2.5 Direct debt 10-year amortization (%) 92 Required pension contribution % of governmental fund expenditures 4.4 OPEB actual contribution % of governmental fund expenditures 1.6 Strong institutional framework...

Summary