Revenue Framework: ‘aa’: The city has strong revenue-raising ability with current property tax rates well below the statutory cap. Assessed value and appreciation and sales tax revenue trends have generated revenue growth that exceeds inflation. Expenditure Framework: ‘aa’: The city retains significant control over spending in the absence of collective bargaining despite moderate fixed carrying costs for debt service and retiree benefits. Long-Term Liability Burden: ‘aaa’: The city’s long-term liability burden is low relative to personal income and is expected to remain stable over time based on manageable debt plans and a modest aggregate net pension liability. Operating Performance: ‘aaa’: The city’s superior budgetary flexibility and maintenance of healthy general fund balance positions it to manage comfortably through economic downturns without diminishing its overall financial flexibility.
Fri 24 Mar, 2023