Summary: White Bear Lake, Minnesota; General Obligation

S&P Global Ratings assigned its 'AA+' rating to White Bear Lake, Minn.'s $2.505 million series 2024A general obligation (GO) improvement bonds. At the same time, we affirmed our 'AA+' rating on the city's existing GO bonds. The outlook is stable. Securing the bonds are the city's full faith, credit, and unlimited taxing powers. Proceeds from the series 2024A bonds will be used to finance various assessable public improvements within the city. The rating reflects our view of White Bear Lake's growing economy, consistent operating surpluses, and very strong reserves, partially offset by an elevated debt burden. The city is approximately 10 miles northeast of St. Paul, within the Twin Cities metropolitan statistical area (MSA). The city's local economy is experiencing

...Most recent Historical information 2022 2021 2020 Population 26,188 26,074 26,054 County unemployment rate (%) 2.7 Market value ($000s) 3,814,463 3,478,903 3,158,818 Ten largest taxpayers % of taxable value 7.3 Strong budgetary performance Operating fund result % of expenditures 5.8 7.0 4.2 Total governmental fund result % of expenditures 1.0 4.4 13.9 Very strong budgetary flexibility Available reserves % of operating expenditures 56.9 55.1 51.0 Total available reserves ($000s) 7,415 6,658 5,805 Very strong liquidity Total government cash % of governmental fund expenditures 227 240 249 Total government cash % of governmental fund debt service 2,290 2,895 2,855 Strong management Financial Management Assessment Good Very weak debt & long-term liabilities Debt service % of governmental fund expenditures 9.9 8.3 8.7 Net direct debt % of governmental fund revenue 194 Overall net debt % of market value 4.9 Direct debt 10-year amortization (%) 51 Required pension contribution % of governmental...

Summary