#Suffolk news herald full#

Standard & Poor’s recognized Suffolk’s consistent and robust operations that bolster already very strong finances. “The city maintains strict adherence to its financial policies which promote fiscal stewardship.” “The city continues to add new and expanding businesses and residential growth and development, which facilitates a healthy local economy, provides job and wage growth, and increasing levels of household income,” said Hansen.

It further noted that Suffolk’s finances are strong and supported formal fiscal policies and conservative budget assumptions. Moody’s rating reflected the city’s continued growth and diversification of the tax base, including healthy resident income levels, according to Franklin. “The city also strives to keep expenditure growth at a modest level within available resources,” continued Hansen, “and does not budget for vacancy savings, which provides flexibility to cover unplanned expenses that occur during the year.” This results in greater chances of meeting, or exceeding, revenue projections and improves chances for year-end surpluses, which are needed to maintain a healthy reserve balance in case of unplanned expenses, economic downturns, or emergencies. “Instead of projecting the best case scenario for revenue growth in developing the annual budget, which may or may not come to fruition, the city is more realistic in its revenue forecasts. “The city maintains a conservative approach to budgeting revenue and expenditure growth,” said Hansen. Fitch Ratings is the latest to confirm this with its announcement in late-July.

“Some examples of capital improvements include, schools replacements, road improvements and renovations and maintenance of city buildings and facilities, all of which add to the quality of life of citizens in Suffolk.”įor the fourth consecutive year, the City of Suffolk’s three bond ratings agencies - Fitch Ratings, Moody’s Investors Service and S&P Global Ratings - have affirmed the city’s AAA bond rating, which means that the city has an excellent credit status and that its future financial outlook is stable. “Having a strong bond rating allows the city to borrow money for capital improvements, at the lowest interest rates available in the financial market, which saves the city and its taxpayers millions of dollars in interest payments over time,” said Tealen Hansen, Suffolk’s finance director. In the City of Suffolk’s case, its credit is excellent, meaning that when city officials need to borrow money for community improvements and development, it’s no problem. Voted Best Minority Funeral Home in Suffolk, VA.Look at it this way: a city government’s bond rating is like a person’s credit score – the better it is, the more you can do. You can also reach us at any time, day or night 75. Please browse our website to find additional information about our staff and services as well as other resources to help you in your time of need.

#Suffolk news herald full#

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