Summary: North Mankato, Minnesota; General Obligation; Non-School State Programs

S&P Global Ratings assigned its 'AA' long-term rating to the City of North Mankato, Minn.'s estimated $2.945 million series 2024A general obligation (GO) bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating on the city's GO bonds outstanding. The outlook on all ratings is stable. Securing the bonds are special assessments levied against benefitted properties, as well as the city's full-faith-and-credit pledge and ability to levy unlimited ad valorem property taxes. We are rating to the unlimited tax pledge because the other pledges lack bond provisions to rate under our criteria. Officials will use proceeds for the city's street and utility improvements. The rating reflects our view of the North Mankato's growing economy, consistently healthy

...Most recent Historical information 2023 2022 2021 Total governmental fund result % of expenditures 4.0 3.5 7.4 Very strong budgetary flexibility Available reserves % of operating expenditures 41.9 42.3 50.1 Total available reserves ($000s) 4,389 4,300 4,582 Very strong liquidity Total government cash % of governmental fund expenditures 86 102 132 Total government cash % of governmental fund debt service 574 633 661 Very strong management Financial Management Assessment Strong Adequate debt & long-term liabilities Debt service % of governmental fund expenditures 14.9 16.1 20.0 Net direct debt % of governmental fund revenue 145 Overall net debt % of market value 3.7 Direct debt 10-year amortization (%) 68 Required pension contribution % of governmental fund expenditures 3.1 OPEB actual contribution % of governmental fund expenditures 0.0 Strong institutional framework EBI--Effective buying income. OPEB--Other postemployment benefits. Data points and ratios may reflect analytical adjustments....

Summary