City's credit rating affirmed
Moody's Investors Service has affirmed the City's Aa2 general credit rating. The designation attests to the City's overall financial condition. Mayor Lionel Rivera was pleased by the news. "This rating is a testament to the outstanding work of the City's financial experts. They and the City Council have made very difficult cuts in the past couple of years. Our responsible fiscal actions are acknowledged by this outstanding rating.
"Thanks to our conservative budgeting during the economic recession, we are now cautiously restoring some public safety expenditures while other communities are still cutting their budgets," continued Rivera. "And last week the outgoing City Council handed over to the incoming Council the healthiest available fund balance we've had in many years (approximately $29.7 million or 13.3 percent of the 2011 General Fund Budget). This means the new mayor and Council will be able to begin their work under positive circumstances."
The City's Financial and Administrative Services Director Terri Velasquez stated that, "Key elements considered by the rating agencies included the City's economic stability; the City's large tax base with strong institutional presence; strong unreserved general fund balances; good financial policies and practices; and low debt and lease burdens."For more information, call 385-5254 or 385-5247.