City of Saint Paul Press Releases
Our 2019 Budget Proposal
Saint Paul is at a critical moment. We have incredible potential as we continue to grow into a 21st-century global community. To ensure that our city truly works for all of us, we need a city budget that reflects and invests in our values. Investing in our values means building a city that not only meets our needs today, but helps us build a city that our children, and grandchildren, will want to live in. To realize this vision, we need to invest in a future for all of us. That is why our city budget invests in the people and things that matter most to us. We have built a big vision for our city together, and our vision requires our shared investment. I am thrilled to share our 2019 budget proposal.
- Melvin Carter, Mayor
Adoption of the Pension Reform Bill.
"Because of a Minnesota Supreme Court decision last summer, the city eliminated its "right of way" maintenance assessment, which covers services including snow plowing, tree trimming and pothole filling. Coleman's plan shifts $30 million in those fees to the city's general fund.
With that shift, the 2018 property tax levy — the total amount collected — will rise by 23.9 percent."
Mayor Chris Coleman delivered his final State of the City address from the floor of the Pipefitters Local 455 training facility. Before local construction trades workers, residents and local leaders, Coleman reflected on Saint Paul’s many successes of the past 11 years, which he attributed to the bold decisions that have defined his administration.
"Issuers of all types of securities – stocks and bonds – in all different capital markets around the world continually debate the value of investor relations. The debate comes down to this: is an investor outreach program a necessary cost, or is it an investment from which an issuer can expect a return on it’s investment over the long-term?"
StPaulbonds.com received media attention from the local paper and from The Bond Buyer.
St. Paul Mayor Chris Coleman “had challenged us to be more transparent in our investor relations and our bond sales,” said Todd Hurley, director of the city’s Office of Financial Services. “I’m happy to say I think we succeeded in that with the development of StPaulBonds.com. This is essentially a one-stop shop for investors in our city to get all the relevant information about the city’s finances and our bond sales.”
Fitch Ratings has assigned a 'AAA' rating to the following Saint Paul, MN (the city) general obligation (GO) bonds:
--$11 million capital improvement bonds series 2017A;
--$23.7 million public safety bonds series 2017B.
The city's Issuer Default Rating (IDR) is 'AAA'.
The Rating Outlook is Stable.
The bonds are scheduled for competitive sale on March 8. Proceeds will be used to finance various capital projects, finance certain public safety projects, and advance refund the city's series 2008C bonds on a crossover basis.
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