In less than one year the City's bond rating improved. On December 7, 2017 Standard & Poors, a Global Rating Company provided the rating to the city. In their bond analysis the company provided an outline of what is considered when a rating is determined, such as: a very strong economy, strong management, strong budgetary performance, very strong budgetary flexibility and liquidity, adequate debt and contingent liability position and strong institutional framework.
Why is this important to the City?
The importance is the cost savings when specifically looking at interest rates for when the city goes out to bond for large projects. Its estimated by this new rating of AA+ that the city will save roughly $25,000 in interest costs on their last sale of bond.
This is a direct result of the hard work from the City Council, City's Finance Department Team, City Administrator and City Staff.