December, 2015
In this final issue of The Advisor for 2015, we reflect on the success of this past year as well as looking ahead to 2016.
We thank each of our clients and business partners for helping Ehlers celebrate our 60th anniversary this year.  

On behalf of the entire Ehlers team, we hope that you and your families enjoy the best that the season has to offer. We appreciate your relationship and interaction with us.

Happy Holidays from our team to yours!

Steve Apfelbacher, President
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Ehlers 2016 MN Public Finance Seminar 
Registration is Open! February 4-5, 2016 

Registration for the 2016 Ehlers MN Public Finance Seminar is now open! Click here to view the brochure and click here to register online. You can always visit our website for details. 

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Menahga Case Study 
Debt Study Gives Right Tools
By Todd Hagen, Senior Municipal Advisor   

This is the story of how the City of Menahga, a town of 1,300 in north central Minnesota, squarely took on the management of its outstanding bonds and successfully developed a plan to meet debt service obligations in the face of declining special assessment revenue.
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Five New Year's Resolutions for Maintaining or Improving Your Bond Rating
The Role of Rating Agencies
By Nick Anhut, Municipal Advisor and
Adrienne Booker, Municipal Advisor

The role of rating agencies is to provide investors with an assessment of the city's ability and willingness to repay bonded debt as scheduled. "Ability" and "willingness" are evaluated based on general economic conditions, tax base, debt burden, politics, and management.

Can you pass this New Year's quiz? 
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TIF: A Flexible Tool for Single Family Rehab Housing 
How Hutchinson HRA Expanded Housing Funding 
By Shelly Eldridge, Senior Municipal Advisor 

Each year, the Hutchinson HRA struggles to acquire funding for the housing needs in Hutchinson. Should it prioritize single family rehab or provide much needed assistance to improve its affordable rental housing? Fortunately, this year is different. The HRA can offer deferred loans for both owner occupied and rental housing due to a new funding source: tax increment from an existing housing district.
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Year-End Checklist for TIF Districts 
By Elizabeth Diaz, Senior Financial Specialist

Taking a few steps at the end of the year can make next year's TIF reporting and management activities simpler and easier. Here's a convenient year-end checklist to follow
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Moody's Launches Issuer Comment Report in 2016
Report Fills a Gap in the Market 

Beginning January, 2016, Moody's will be launching a new research publication, the Issuer Comment Report. This report, to be published annually for Moody's rated issuers with general obligation or related debt, expands the firm's research coverage of cities, counties, and school districts, and provides updated credit research on those issuers' outstanding rated debt.
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Charging Fees for Large Cash Deposit Balances
New Capital Rules Trend
By Jack Fay, Municipal Investment Advisor and
Jack Samuels,Cash Forecast/Investment Services Analyst

The season of giving is in full swing. Unfortunately for large cash depositors, the widespread generosity has failed to reach big banks. Banks continue paying out minimal interest on cash balances. In some cases, they are refusing large cash deposits altogether, or they are charging fees for large deposit balances. This trend has come as a result of new capital rules put in place by banking regulators. Under these rules, banks are required to hold high quality liquid assets to cover potential deposit withdrawals, making the deposits that fund these loans more expensive for the bank to retain.

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 Ehlers Inc., Ehlers Investment Partners and Bond Trust Services are affiliate companies.