I couldn’t agree with you more. Thank you. Although may I suggest that you change your last sentence to read “The garbage that needs to be trashed IS city hall and the corrupt Steve Segner as spokesman for the Sedona Lodging Council and the Chamber of Commerce.”

As usual, his numbers above, provided by the City, are completely irrelevant to any points I’ve made above. Never trust Segner’s conclusions about numbers because he doesn’t understand their meaning in the context they’re presented.

JRN

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Segner, you’re dumber that a rock. This report is about 2 years old. That’s eons in the field of economics. In your report, dates after that are references to FUTURE-dated bond series. You’re trying to dupe readers into believing this is a current report. It’s not! The give-away is the mention of the census figure of 10,140 which is currently only a little more than 9,000 in reality. We’re still shrinking at a very serious rate…and we’re the only major resort town in the U.S. that is shrinking!

Nevertheless, notice this PURPORTED singular SS report says “While Sedona’s red rock formations have historically been a significant tourist attraction, tourism has declined due to the economic downturn, but recently released fiscal 2015 figures suggest a return to growth.” But then it contradicts itself when it says, “We do NOT expect this type of growth to continue into the future (We’re now in the recited future!). We also recognize that the pledged revenue streams’ rather concentrated exposure to city sales taxes and economic focus on tourism could lead to future volatility should the city encounter a period of economic decline.”

Then, the report contradicts itself again when it says “The city’s overall financial position is very strong…” followed by “Sales tax revenues, however, account for over 50% of general fund revenues, which we consider a high concentration.”

THESE INTERNAL CONTRADICTIONS MAKE IT ABUNDANTLY CLEAR THAT STEVE SEGNER CONCOCTED THIS BOGUS REPORT by cutting and pasting what looked good to him from VARIOUS REPORTS OF DIFFERING DATES. Since you’re a fraud, Segner, and dangerous to the City of Sedona I think you had better read it again and weep!

Meanwhile, I have to point out to The Eye’s readers that Sedona’s “A” grade municipal bond is next to the LOWEST investment grade while AAA is the highest which means that if Sedona’s “A” rating drops just one/two more notch(es) it becomes NON-INVESTMENT GRADE” which means that the City will have to pay FAR HIGHER interest rates on future borrowed money which means more new taxes. As I said before, Segner, you served on the City’s Budget Committee and you don’t even understand bond investment grades. But then, you don’t even understand the report you just posted. Why don’t you give up TRYING TO APPEAR intelligent. Here’s how it actually works Segner:

Moody’s, Standard & Poor’s

*Highest Quality-Investment Grade
Aaa
AAA
AAA

*High Quality
Aa1
Aa2
Aa3
AA+
AA
AA-
AA+
AA
AA-

*Upper Medium Grade
A1
A2
A3
A+
A [Sedona’s Rating]<<<<<<<
A-

*Medium Grade-NON-INVESTMENT GRADE

Baa1
Baa2
Baa3

BBB+
BBB
BBB-

BBB+
BBB
BBB-

JRN

Rick read it and weep… next time do you home work
Summary:
Sedona, Arizona; Miscellaneous Tax
Credit Profile
Sedona excise tax (AGM)
Unenhanced Rating A(SPUR)/Stable Affirmed
Sedona excise tax
Unenhanced Rating A(SPUR)/Stable Affirmed
Many issues are enhanced by bond insurance.
Rationale
Standard & Poor’s Ratings Services affirmed its ‘A’ rating on Sedona, Ariz.’s excise tax revenue refunding bonds. The
outlook is stable.
The ratings reflect our view of the city’s:
· Very strong, 3.3x maximum annual debt service (MADS) coverage; and
· Strong retail sales base, with per capita retail sales at 205% of the national level, reflecting its status as a resort
community.
The preceding credit strengths are offset, in part, by our view of:
· The cyclical nature of the area’s tourist-based revenues; and
· The city’s rather limited economy that includes its adequate household effective buying income (EBI) of 79% of the
national level.
Lease payments, which are paid from a first lien on Sedona’s excise taxes that include the city’s sales tax, bed tax,
vehicle license fees, state-shared sales and income taxes, other fees, and forfeitures secures the bonds. Excise,
transaction, privilege, franchise, and income taxes (fines and forfeitures and all charges for services) secure the bonds.
Lease payments are not subject to annual appropriation by the city. The series 1998, 2007, 2014, and 2015 first series,
and 2015 second series (both private placements) excise tax bonds are on parity. The 2015 series bonds refunded the
city’s outstanding 2005 bonds.
Sedona, with an estimated population of 10,140, is in central Arizona, 27 miles south of Flagstaff. It serves as a premier
tourist, resort, retirement, and art center. While Sedona’s red rock formations have historically been a significant
tourist attraction, tourism has declined due to the economic downturn, but recently released fiscal 2015 figures suggest
a return to growth. Historically, the city has been a wealthy retirement community; the median age of residents is
about 56 years old. Per capita EBI is strong, in our opinion, at 122% of the national level, although household EBI was
only 79% of the national level, which we view as adequate.
We calculate that fiscal 2015 pledged revenues provide a very strong 3.3x MADS coverage. In addition, annual
http://WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MARCH 15, 2016 2
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coverage for the next 10 years is expected to remain above 3.0x. Overall, the fiscal 2015 pledged revenues grew by a
very strong $3.87 million or 23.7% from the previous year. The growth reflected almost exclusively a $3 million or 29%
increase in the city’s sales tax line from the previous year. City sales taxes, based on fiscal 2015 pledged revenues,
contribute about 67% of the total revenue stream. We do not expect this type of growth to continue into the future. We
also recognize that the pledged revenue streams’ rather concentrated exposure to city sales taxes and economic focus
on tourism could lead to future volatility should the city encounter a period of economic decline.
The city’s overall financial position is very strong, in our opinion, as the city’s available fund balances are $11.1 million,
or 77% of general fund expenditures. Sales tax revenues, however, account for over 50% of general fund revenues,
which we consider a high concentration. However, we believe the city’s strong reserves help mitigate its reliance on
sales tax revenues and offer additional revenue flexibility if this source of revenue declines. Management’s formal
reserve policy of maintaining reserves equal to 50% of expenditures provides additional financial stability.
The additional bonds test (ABT) requires 1.5x MADS coverage by pledged excise taxes, which we consider adequate.
While there is no debt service reserve fund, the city covenants to maintain rates such that pledged revenues cover
MADS by 1.5x. We also believe the city’s reliance on pledged revenue makes the town less likely to issue bonds to the
extent allowed under its ABT. For fiscal 2015, total pledged revenue, including all state-shared revenue, accounted for
about 90% of total governmental fund revenue.
Outlook
The stable outlook reflects our anticipation that pledged revenues will continue to provide very strong MADS coverage
despite the prospect of volatility due to of the city’s economic concentration in tourism and majority sales tax
contribution within pledged revenue. We do not expect to change the rating within the two-year outlook horizon.
Upside scenario
If MADs coverage were to dramatically increase, the city’s economic b

Hey Steve I guess when you live off your daddy’s fund like JRN and he doesn’t have to work…..

I guess he fills his time by bothering people………sending outt mass Emails containing overblown, exhausting rethoric to whom ever….

JRN. Man you must of got beat up a lot as a kid….

City is in great shape you can get report from city.
And Sedona is doing great,

Thanks for asking ss

Steve, of the 156 recipients on my email list, all but eight request my news updates, and they are mostly my readers, not to mention they have me on their lists as a regular RECIPIENT. I learn a lot from each of them, to be sure, since all of them are prominent people.

And, who are the eight that I always email who don’t request them? DORR members including you, of course. Yes, they’ve all told me they would block my emails, but none of them really do because they want to know what I saying that may affect them. Then again, none of your people can understand whatever the hell it is you’re trying to say while no one has a problem understanding what I write. Please, little guy, stop embarrassing yourself.

JRN