The ‘AAA’ rating reflects the City’s moderately low debt and strong economic indicators such as low
unemployment rates and a highly educated labor force. According to Fitch Ratings, the City is strengthening its
fiscal position through improved financial management and a demonstrated commitment to restoring reserves to
“The City has made difficult decisions to reduce spending and raise revenues in response to the large
shortfalls of the past two years” said City Manager Wyatt Shields. “To maintain its excellent bond ratings, and
the benefit of lower interest rates on debt, the City must carry out its fund balance restoration plan and keep
operating expenses aligned with relatively flat revenues for the foreseeable future.”
The City currently has $32.8 million of general obligations bonds.