Savings dedicated to mobility improvements
November 30, 2017 - During its most recent meeting, the St. Augustine City Commission learned that the cirt’s credit rating as determined by Stand and Poors (S&P) was upgraded to AA- from A+ which is considered to be of strong credit worthiness compared to other municipal or tax exempt issuers in the United States
S&P noted the rating action “reflects our view of the city's growing tax base and market values, improved Financial Management Assessment, and maintenance of a very strong budgetary flexibility profile that has proven resilient following multiple hurricanes in the past two fiscal years.”
Additionally, S&P stated the rating and general creditworthiness reflects its view that the city has:
- a strong economy,
- strong management, with good financial policies and practices,
- strong budgetary performance,
- very strong budgetary flexibility, and
- very strong liquidity.
The commission received this positive financial news just as it was approving the refinancing of Capital Improvement Revenue Bonds, Series 2004 and 2011 and borrowing an additional $1.25 million. Plans for this action was presented to the Commission and the public during 2018 budget process meetings.
The refinancing portion of the issue will save the city an estimated $1.9 million over the term of the bond. The new funds are dedicated to improving congestion throughout the city by improvements to the current parking system. The improvements will be most visible to the public in delivery vehicle parking, residential parking and with new equipment and software applications to assist in locating and conveniently paying for parking.
For more information, contact the Financial Services Department at 904.825.1030.