Bonds Annual Disclosure Report 2017MUNICIPAL SECONDARY MARKET DISCLOSURE ANNUAL REPORT
This Annual Report is being filed with the Municipal Securities Rule Making Board through the Electronic
Municipal Market Access ("EMMA") website pursuant to Securities and Exchange Commission Rule 15c2-
12(b)(5)(i)(C)and(D).
Obligated Person: City of New Hope, Minnesota
Issues Subject to Full Disclosure:
Issue Identification Date of Issue 6-Digit CUSIP No.
$3,505,000 Taxable Lease Revenue Bonds (City of New Hope
Annual Appropriation Lease Obligations) (Qualified Energy
Conservation Bonds - Direct Pay ment to Issuer), Series 2011A - EDA
12/01/11 645449
$1,850,000 General Obligation Certificates of Indebtedness and
Refunding Bonds, Series 2010B
11/23/10 64544P
$2,695,000 General Obligation Tax Increm ent Refunding Bonds,
Series 2012A
01/11/12 64544P
$1,330,000 General Obligation Taxable Tax Increm ent Refunding
Bonds, Series 2012B
01/11/12 64544P
$5,960,000 General Obligation Tax Increm ent Bonds, Series 2015A 06/17/15 64544P
$3,825,000 General Obligation Street Reconstruction Bonds, Series
2015B
12/30/15 64544P
$4,855,000 General Obligation Street Reconstruction Bonds, Series
2016A
12/29/16 64544P
Issues Subject to Limited Disclosure:
Issue Identification Date of Issue 6-Digit CUSIP No.
$1,580,000 General Obligation Utility Revenue Bonds, Series 2010A 05/06/10 64544P
The Following Have Been Authorized by the Issuer to Distribute this Information Publicly:
Dissemination Agent
Contact Name/Title:Sara Beecher, Senior Disclosure Coordinator
Company:Ehlers & Associates, Inc.
Address:N21 W23350 Ridgeview Parkway West, Suite 100 Waukesha, WI 53188
Phone:(262) 785-1520
Email Address:sbeecher@ehlers-inc.com
This Annual Financial Information Report (this Annual Report) has been prepared and is being provided to the secondary market
only in compliance with the contractual agreement of the Issuer, entered into in accordance with Rule 15c2-12 promulgated by
the U.S. Securities and Exchange Commission, to update annually the following financial information and operating data which
was provided in the Final Official Statement relating to the above noted obligations. The information provided in this Annual
Report speaks only as of its date and is subject to change without notice. The delivery of this Annual Report may not under any
circumstances, create an implication that there has been no other change to the information provided about the Issuer or
otherwise in the Final Official Statement. The presentation of information in this Annual Report is intended to show recent
historical information and is not intended to indicate future or continuing trends with respect to the Issuer. The Issuer has not
agreed in any way to notify the secondary market of subsequent changes to the information in this Annual Report, other than an
undertaking to provide notice of certain specific reportable events.
City of New Hope, Minnesota Page 1
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
Type of Filing:online via: http://emma.msrb.org/
Fiscal Period Covered:1/1/2016 - 12/31/2016
Issuer Filing Deadline:December 31, 2017
Final Audited Financial Statements, on File with EMMA:
Fiscal Year End: 12/31/2016
ANNUAL FINANCIAL INFORMATION REPORT UPDATE
Reporting Requirements
Current Property Valuations
Trend of Valuations
Direct Debt
Tax Levies and Collections
Tax Capacity Rates
Population Trend
Employment/Unemployment
City of New Hope, Minnesota Page 2
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
CURRENT PROPERTY VALUATIONS
2016/17 Economic Market Value $1,770,968,245 1
2016/17
Assessor's Estimated
Market Value
2016/17
Net Tax
Capacity
Real Estate $1,624,538,300 $19,196,854
Personal Property 12,327,600 242,052
Total Valuation $1,636,865,900 $19,438,906
Less:Captured Tax Increment Tax Capacity2 (604,222)
Fiscal Disparities Contribution3 (2,464,382)
Taxable Net Tax Capacity $16,370,302
Plus:Fiscal Disparities Distribution3 3,757,080
Adjusted Taxable Net Tax Capacity $20,127,382
1
According to the Minnesota Department of Revenue, the Assessor's Estimated Market Value (the "AEMV") for the
City of New Hope is about 92.52% of the actual selling prices of property most recently sold in the City. The sales
ratio was calculated by comparing the selling prices with the AEMV. Dividing the AEMV of real estate by the sales
ratio and adding the AEMV of personal property and utility, railroads and minerals, if any, results in an Economic
Market Value ("EMV") for the City of $1,770,968,245.
2The captured tax increment value shown above represents the captured net tax capacity of tax increment
financing districts in the City of New Hope.
3Each community in the seven-county metropolitan area contributes 40% of the growth in its commercial-
industrial property tax base since 1972 to an area pool which is then distributed among the municipalities on the basis
of population, special needs, etc. Each governmental unit makes a contribution and receives a distribution--sometimes
gaining and sometimes contributing net tax capacity for tax purposes.
City of New Hope, Minnesota Page 3
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
TREND OF VALUATIONS
Levy
Year
Assessor's
Estimated
Market Value
Assessor's
Taxable
Market Value
Net Tax
Capacity4
Taxable
Net Tax
Capacity5
Percent +/- in
Estimated
Market Value
2012/13 $1,336,539,900 $1,223,862,183 $15,664,668 $16,490,786 -7.11%
2013/14 1,346,449,200 1,235,267,314 15,666,458 16,572,500 +0.74%
2014/15 1,440,652,000 1,334,517,728 16,860,109 17,883,060 +7.00%
2015/16 1,534,397,300 1,430,939,117 18,124,568 18,921,948 +6.51%
2016/17 1,636,865,900 1,535,054,114 19,438,906 20,127,382 +6.68%
Source:Current Property Valuations and Trend of Valuations been furnished by Hennepin County.
4Net Tax Capacity is before fiscal disparities adjustments and includes tax increment.
5Taxable Net Tax Capacity is after fiscal disparities adjustments and does not include tax increment values.
City of New Hope, Minnesota Page 4
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
DEBT
DIRECT DEBT
General Obligation Debt (see schedules following)
Total g.o. debt being paid from revenues $1,453,000
Total g.o. debt being paid from tax increment revenues 3,205,000
Total g.o. debt being paid from taxes 8,480,000
Total g.o. debt being paid from revenues and taxes 735,000
Total g.o. debt being paid from tax increment revenues and taxes 5,960,000
Total General Obligation Debt $19,833,000
Lease Purchase Obligations (see schedule following)6
Total lease purchase obligations paid by annual appropriations $3,505,000
6Computers and copiers have not been included, however, information related to these leases can be reviewed
in the audit.
City of New Hope, Minnesota Page 5
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
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TAX RATES, LEVIES AND COLLECTIONS
TAX LEVIES AND COLLECTIONS
Tax Year
Net Tax
Levy7
Total Collected
Following Year
Collected
to Date8 % Collected
2012/13 $9,546,142 $9,429,858 $9,542,037 99.96%
2013/14 9,715,337 9,616,814 9,700,316 99.85%
2014/15 10,083,719 10,011,573 10,056,941 99.73%
2015/16 10,810,728 10,754,708 10,754,708 99.48%
2016/17 11,967,638 In process of collection
Property taxes are collected in two installments in Minnesota--the first by May 15 and the second by October 15.9
Mobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes and special
assessments) for debt service be at least 105% of the actual debt service requirem ents to allow for delinquencies.
TAX CAPACITY RATES10
2012/13 2013/14 2014/15 2015/16 2016/17
Hennepin County 49.461%49.959%46.398%45.356%44.087%
City of New Hope 58.812%58.596%55.978%57.405%59.931%
I.S.D. No. 281 (Robbinsdale)32.347%34.777%33.226%33.833%31.612%
Metro Mosquito 0.556%0.563%0.507%0.483%0.475%
Metro Council 0.997%1.069%0.976%0.925%0.883%
Metro Transit 1.689%1.703%1.523%1.491%1.463%
Three Rivers Park District 4.054%4.169%3.789%3.601%3.365%
Park Museum 0.754%0.766%0.702%0.712%0.711%
Hennepin County RR Authority 1.561%1.777%1.817%1.879%1.925%
Hennepin HRA 0.478%0.514%0.471%0.439%0.497%
Referendum Market Value Rates:
I.S.D. No. 281 (Robbinsdale)0.29668%0.30399%0.28484%0.28216%0.24959%
Source: Tax Levies and Collections and Tax Capacity Rates have been furnished by Hennepin County.
7This reflects the Final Levy Certification of the City after all adjustments have been made.
8Collections are through January 1, 2017.
9Second half tax payments on agricultural property are due on November 15th of each year.
10After reduction for state aids. Does not include the statewide general property tax against
commercial/industrial, non-homestead resorts and seasonal recreational residential property.
City of New Hope, Minnesota Page 12
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017
LEVY LIMITS
The State Legislature has periodically imposed limitations on the ability of municipalities to levy property taxes. For
taxes levied in 2013, payable in 2014, only, the Legislature imposed a one year levy limit on all counties with a
population greater than 5,000, and all cities with a population greater than 2,500. While these limitations have
expired, the potential exists for future legislation to limit the ability of local governments to levy property taxes. All
previous limitations have not limited the ability to levy for the payment of debt service on bonded indebtedness. For
more detailed information about Minnesota levy limits, contact the Minnesota Department of Revenue or Ehlers &
Associates.
U.S. CENSUS DATA
Population Trend: City of New Hope, Minnesota
2000 U.S. Census population 20,873
2010 U.S. Census population 20,339
2016 State Demographer's Estimate 21,600
Percent of Change 2000 - 2010 +-2.56%
Source:2000 and 2010 Census of Population and Housing
EMPLOYMENT/UNEMPLOYMENT DATA
Rates are not compiled for individual communities within counties.
Average Employment Average Unemployment
Year Hennepin County Hennepin County State of Minnesota
2013 635,626 4.6%4.9%
2014 644,430 3.8%4.2%
2015 649,491 3.3%3.7%
2016 656,426 3.4%3.8%
2017, June 677,162 3.5%3.7%
Source: Minnesota Department of Employment and Economic Development .
City of New Hope, Minnesota Page 13
Municipal Secondary Market Disclosure Annual Report Date of Report: August 24, 2017