Of course! The Finance Director, Dave Schmiedicke explains.
Good Morning Mayor and Council Members:
Moody’s Investors Service has continued the city’s Aaa general obligation bond rating with a negative outlook. The rating is for the $110.2 million in tax-exempt general obligation bonds and notes that will be issued by the city next Tuesday, September 17th. This is the highest possible rating an issuer can receive. It affirms the city’s sound financial and budget management, conservative debt repayment structure, stable economy relative to the state and nation, and adequate general fund reserves. The rating confirms market confidence in the city’s economic condition and the Mayor and Council’s fiscal management. Moody’s identified three conditions that could change the rating down in the future – increases in debt levels, weakening of the city’s tax base, and material declines in operating reserves and liquidity, including the financial condition of the Water Utility.
The rating report from Moody’s is attached.
Please let me know if you have any questions.
Thank you.
David Schmiedicke
Finance Director
Department of Finance
