SOUTHWEST METRO CHAMBER PRESIDENT

INTRODUCES HERSELF TO VICTORIA CITY COUNCIL

         Lori Anderson attended the October 28th city council meeting in Victoria and spoke to councilmembers under Visitor's Presentation.  "I am the president of the Southwest Metro Chamber of Commerce," she said.  "I took over in July.  I love it.  I've been out and about.  It's been fabulous.  We're overcoming challenges.  I want to be a listening ear and do the best I can."  Lori Anderson lives in Prior Lake.  She was previously president of the Savage Chamber of Commerce.  She replaces Deb MacMillan who recently resigned as president of the Southwest Metro Chamber to accept another position.

 

HIGH MARKS FOR THE CITY OF VICTORIA

STRONG ECONOMY, BUDGET, MANAGEMENT

         Council received a report on October 28th from Standard & Poor's Ratings Services.  As Paul Donna with Northland Securities summarized, "Victoria received high marks.  Your AA+ rating was confirmed.  You have strong economy, strong budget flexibility, strong budget performance, strong liquidity, strong management conditions."

         "Your debt position is mitigated because it's paid through revenue other than property taxes -- through assessment revenue.  Victoria received very high marks," said Mr. Donna.

         According to the report, "The city's budgetary flexibility remains very strong, with reserves at more than 30% of expenditures for the past several years and no plans to significantly spend them down ...

         "The city's budgetary performance has been strong overall with a surplus of 5.9% for the general fund in fiscal 2012 and a 3.5% surplus for total government funds.  Should tax revenue decline, we believe the city will be in a good position to maintain strong performance ...

         "Supporting the city's finances is liquidity we consider very strong, with total government available cash at 130% of total governmental fund expenditures and 382% of debt service ...

         "We view the city's management conditions as strong, with good financial practices combined with an ability to maintain balanced budgets.  The city maintains a five-year capital improvement plan and performs long-term financial forecasts that the city council reviews at least annually.  The city has formalized a reserve policy ...

         "In our opinion, the city's debt and contingent liability profile is weak, with total governmental fund debt service at 34% of total governmental fund expenditures and with net direct debt at 334% of total governmental fund revenue and slated to rise.  Mitigating the weak debt profile is that roughly 58% of the city's debt is supported by special assessments and that 78% of the city's debt amortizes in 10 years."

         The report concludes, "The stable outlook reflects our view of the city's consistent economy and financial performance, which benefits from strong management.  We do not anticipate revising the rating in the next two years because we believe the city will maintain very strong reserves."

 

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November 2013

Randy Miller, president of the Victoria Business Owners Association, and Lori Anderson, new president of the Southwest Metro Chamber of Commerce, in the audience at the City Council meeting on Oct. 28th.