AA+ S&P Bond Rating

AA+ S&P Bond Rating
I’m very happy to share that the City has maintained it’s AA+ Bond rating as certified through Standard and Poors (S&P Global). This rating, which is exceptional for a city of our size, has been re-affirmed due to the following findings:
• Strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
• Very strong management, with “strong” financial policies and practices under our financial management assessment (FMA) methodology;
• Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level in fiscal 2017;
• Very strong budgetary flexibility, with an available fund balance in fiscal 2017 of 63% of operating expenditures;
• Very strong liquidity, with total government available cash at 113.9% of total governmental fund expenditures and 15.6x governmental debt service, and access to external liquidity that we consider strong;
• Adequate debt and contingent liability position, with debt service carrying charges at 7.3% of expenditures and net direct debt that is 96.6% of total governmental fund revenue; and
• Strong institutional framework score.
Our City Council and Staff teams work hard to reinforce excellent business practices designed to promote high-value and stability. Regardless of market changes or conditions, we will continue to manage in a way that delivers great results!
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