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The Village of Grafton received an Aa2 rating from Moodys for debt issued on May 24 2013 the most recent debt issued by the Village. State statutes limit the amount of general obligation debt a governmental entity may issue up to five percent of its total equalized valuation. The current debt limitation for the Village of Grafton is 57422250 which exceeds the Village of Graftons current outstanding general obligation debt. The Village Board has established a policy whereby the Village will not issue debt in excess of 85 percent of the state authorized debt limit. As of December 31 2014 the Village of Graftons outstanding debt equaled 66.0 percent of the state authorized debt limit. The Grafton Water and Wastewater Utility generally will avoid debt by maintaining and building cash and investments for improvements through its rate structure. Since 1996 the utility has been allocating monies to reserved fund accounts established for a variety of future infrastructure improvements including water main replacement sewer collection system replacement and new wastewater treatment facilities and equipment. Additional information of the Village of Graftons long-term debt can be found in note IIIF on pages 70 - 74 and also in the statistical section on pages 142 145. Economic Factors and Next Years Budgets and Rates The unemployment rate as of December 31 2014 for Ozaukee County which includes the Village of Grafton was 3.5 percent. This compares with an unemployment rate of 5.2 percent for the State of Wisconsin and a national unemployment rate of 6.2 percent. The rate of inflation for the Milwaukee Wisconsin metro area was 1.3 percent for 2014 while the 2013 equalized tax rate for taxes collected for 2014 operations increased 4.8 percent from 2013. However the tax levy increased by 64217 or 0.9 percent. Of the fund balance in the general fund 644734 is assigned and is available for spending in the 2015 budget. It is intended that the use of available fund balance will lessen the required tax levy yet meet Village of Grafton guidelines to maintain a minimum unassigned fund balance of 25 percent of General Fund expenses. Village of Graftons Outstanding Debt Governmental Business-type Activities Activities Total 2014 2013 2014 2013 2014 2013 General obligation 34138056 36714603 3677785 3982690 37815841 40697293 bonds and notes Revenue bonds - - 1160000 1235000 1160000 1235000 Total 34138056 36714603 4837785 5217690 38975841 41932293 25