City of Bainbridge Island Credit Rating is Improving
By Admin
Moody’s Investors Service gave notice to the city on Wednesday that it was removing the “negative outlook” on the city’s bond ratings. The city’s ratings of A1 for limited tax general obligation bonds and Aa3 for unlimited LTGO bonds will stay the same, but removal from the negative outlook watch list means it will be easier and cheaper for the city to borrow money.
Moody’s downgraded the city’s credit ratings and put it on a watch list last August largely because the city’s savings had declined steadily since 2004, bottoming out with a $48,000 deficit in 2009.
The New York-based credit agency also noted that “aggressive” capital spending had been running parallel with declining sales tax and construction fee-related revenues.
In response to the credit downgrade and the overall crisis of downward-spiraling revenues, the city slashed staffing levels, eliminated support for many nonprofit groups, increased fees, and launched an ambitious savings renewal effort.
Schroer said the city is on track to exceed its year-end savings goal by more than $1 million. The council had planned to put aside $4.4 million in 2011 but the city moving closer to $5.5 million, according to Schroer’s midyear financial report.
Read more: http://www.kitsapsun.com/news/2011/aug/04/bainbridge-credit-rating-improves-as-savings/#ixzz1VjPTzU00
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