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The original item was published from 2/13/2014 2:44:57 PM to 2/18/2014 10:47:47 AM.

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Finance

Posted on: February 13, 2014

[ARCHIVED] City earns bond ratings boost

Roseville joined an elite group of cities Thursday as the city announced that it has received a triple-A bond rating from Standard & Poor’s (S&P).

It is the second bond rating upgrade in two years for Roseville, which received a ‘Aaa’ rating upgrade from Moody’s in 2012.

With the latest upgrade, Roseville becomes just the ninth Minnesota city to hold the highest bond rating from both S&P and Moody’s.

“To attain the highest rating possible from S&P and Moody’s is a major achievement for the City of Roseville,” said interim City Manager Patrick Trudgeon. “This is a vote of confidence in the city’s financial stewardship and a testament to the fiscal health of our community.”

Over the past several months, city staff has been working with S&P to highlight the city’s commitment to long-term financial strength and sustainability. Specifically emphasized to S&P by staff were Roseville’s strategic financial planning efforts, historically balanced budgets, and cash reserve levels. Other positive factors included the city’s strong and diverse tax base and above-average household incomes.

“This is a significant milestone and did not happen overnight,” Finance Director Chris Miller said. “It’s a reflection of the financial discipline exhibited by the City Council and staff over many years.”

Miller added that achieving the higher bond rating is important because it results in lower borrowing costs for the city. With the recent $27 million bond issuance Miller estimates that the Roseville will save approximately $600,000 because of its strong bond rating. These savings will continue with any future bond issuance, according to Miller.

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