The City of Lexington is on the Right Track

The City of LexingtonYs strong financial management and a healthy economy are key factors behind the recent decision of the nationYs largest bond rating agencies to continue the cityYs strong bond rating.

YThis bond rating is the result of a lot of hard work, first to put LexingtonYs finances on the right track, then to have the financial discipline to keep them on track, to attract new jobs, and finally to focus on continuous improvement and efficiencies to manage growing costs,Y Mayor Jim Gray said.

Just like an individualYs credit rating, the CityYs bond rating determines how much it is charged in interest to borrow money. Both rating agencies, Standard & Poors and MoodyYs, gave Lexington an AA/Stable long-term rating, which will keep the CityYs cost of borrowing relatively low.

YWeYre pleased with the rating and the stable outlook and our ability to continue to borrow at historically low interest rates. That will benefit us for the next 20 years,Y said Bill OYMara, the CityYs commissioner of Finance.

YWe view the city-countyYs management as strong,Y wrote Standard & Poors in a summary report to the City.

MoodyYs report stated the CityYs financial operations Yremain stable given managementYs prudent budgeting practices.Y

 

source:  The Lane Report