In May of 2009, Mayor Staffieri and the City Treasurer went to New York to meet with the Standard & Poor (S&P) analysts who were reviewing Derby’s bond rating.
The City of Derby, although small in size, has an impressive bond rating which has increased during the tenure of the current administration.
“In May of 2009, the S&P rating service upgraded its rating on the city of Derby’s general obligation bonds to AA-, up from A+ due to a continued strong financial position, a growing tax base, and good management practices. The outlook is stable.”
S&P based its assessment on a variety of factors ranging from the city’s ability to continue to attract new businesses into the area, a diverse tax base supported by extremely strong market value per capita; and moderate overall debt per capita with pay-as-you-go capital funding.
This administration has a proven track record of well thought-out financial strategies that have consistently provided both short and long term fiscal benefits.
We have a good knowledge of municipal bonding that benefits not only the City as an entity but also trickles down to the individual taxpayer.
Strong bond ratings equate to favorable interest ratings that will minimize the cost of borrowing to fund municipal projects such as road paving projects. The lower the cost of borrowing, the lower the impact on the taxpayer.
In July 2011, both the Republican and Democrat parties endorsed our current City Treasurer, Keith McLiverty, to run (unopposed). It is encouraging to see that the Democrat party in Derby recognizes our administration’s financial savvy and remarkable success.
The writer is a Republican seeking re-election to the Derby tax board.
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