[JK:I received this release from the Finance Office]
S&P Ratings Says Saratoga Springs is AA+ for Sixth Consecutive Year!
MEDIA ANNOUNCEMENT: June 6, 2017 Contact: Commissioner of Finance, Michele Madigan Telephone: (518) 587-3550 ext 2577; (518) 526-9377 Email: firstname.lastname@example.org STANDARD & POOR’S SAYS SARATOGA SPRINGS IS AA+ for Sixth Consecutive Year! Commissioner of Finance Michele Madigan is pleased to report that Standard & Poor’s Rating Services (S&P) awarded the City a “AA+” for 2017 and affirmed its “AA+” rating on the City’s outstanding bonds. An exceptional rating for a municipality, this is the sixth consecutive year that the City has received AA+, all during Madigan’s tenure as Commissioner of Finance. Likewise, S&P retained the City’s “stable outlook”, as well as its Financial Management Practice Assessment of “good”. S&P describes the City as a “commercial and industrial center for the surrounding areas as well as a popular summer destination due to Saratoga Race Course, Saratoga Casino and Raceway, and Saratoga Performing Arts Center”. In the course of its analysis of the City, S&P considered the following qualities: Very strong economy; Strong management conditions, with “good” financial policies and practices; Very strong budgetary flexibility;
Very strong economy;
Adequate budgetary performance, but given the city’s history of adequate to strong budgetary performance, we expect the city to maintain or slightly improve its current budgetary performance levels; Very strong liquidity, as well as strong access to external liquidity; Strong institutional framework. S&P states “We consider Saratoga Springs’ economy very strong…We view the city’s management as strong, with good financial policies and practices…Management is conservative with revenue and expenditure assumptions…Budgetary flexibility is very strong with an available fund balance in fiscal 2016 of 26% of operating expenditures, or 11.2 million…The city has consistently had very strong liquidity and we do not expect a change to these ratios.” Commissioner Madigan states: “The City and its taxpayers are benefiting from the excellent policies, practices, budgeting and fiscal management of my administration. I will continue to lead with the conservative fiscal practices and sustainable City budgeting that protects the City’s AA+ rating. It is critical to all departments and our constituents as we strive to improve City infrastructure, maintain beautiful historic buildings, provide trails, recreation and open space, and keep the City safe. I am very proud of this outstanding bond rating and pleased to bring it home to the City of Saratoga Springs.”
A full report will be delivered to the City Council and the public at the June 6, 2017 City Council Meeting.
Commissioner of Finance
City of Saratoga Springs
Saratoga Springs, NY 12866
518-587-3550 ext. 2557