Posts

Showing posts from June 17, 2018

Mayor, City Officials Complete Successful Visits with Credit Rating Agencies

Mayor Levar M. Stoney, Chief Administrative Officer Selena Cuffee-Glenn, city finance officials and representatives of Davenport & Company, the city’s financial advisors, completed successful visits with Moody’s Investors Service, Fitch Ratings and Standard & Poor’s last week in New York. The delegation presented the city’s improved financial position and extensive growth in economic development, with the mayor highlighting accomplishments in a number of key focus areas in advance of a new debt issuance planned for this summer to support capital project spending and economic development initiatives. Some key initiatives that were well received by the rating agency analysts included: Early completion of the FY2017 Comprehensive Annual Financial Report, which allowed the city to save over $13 million in a debt refundingThe successful 2017 tax amnesty programInvestment of $150 million in new school facilitiesPoverty reduction efforts such as increased state grant funds for community…