7/28/2019 Press Release 06-06-13-City Bond Rating
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City of Saratoga SpringsOFFICE OF COMMISSIONER OF FINANCE
MICHELE D. CLARK-MADIGANCOMMISSIONEROFFINANCE
474 Broadway - City Hall
Saratoga Springs, New York 12866-2296518-587-3550
Fax 518-580-0781
M. LYNN BACHNER
Deputy Commissioner
CHRISTINE GILLMETT-BROWN
Director of Finance
MICHAEL T. KING
Receiver of Taxes
KAMERON KLIPPEL
Principal Account Clerk
FLORENCE C. WHEELER
Payroll Administrator
PRESS RELEASE
For Immediate Release: June 6, 2013
Contact: Commissioner of Finance, Michele Madigan
Telephone: (518) 587-3550 ext 2577; (518) 526-9377
Email: [email protected]
Re: STANDARD & POORS SAYS SARATOGA SPRINGS IS AA+ AGAIN!
The Commissioner of Finance Michele Madigan is pleased to report
that Standard & Poors Rating
Services (S&P) held firm on the Citys bond rating ofAA+for
2013. Likewise, S&P retained theCitys stable outlook, as well
as its Financial Management Practice Assessment ofgood. This is
a
high rating for a municipality, and it will pay off when the
Citys Bond Issue goes out to bid.
S&P states that Saratoga Springs has consistently maintained
what we regard as, strong finances in the
past three fiscal years. It describes the City as a commercial
and industrial center for the surrounding
areas, where regional home price declines were fairly modest
relative to other parts of the country, and
there are signs the real estate market is improving. The rating
reflects S&Ps view of the Citys:
Participation in the diverse regional employment base of the
Albany-Schenectady-Troymetropolitan statistical area;
Strong wealth and income; Healthy operations that have
contributed to what we consider strong finances; and Low debt, with
limited capital and debt needs.
S&P specifically cited the citys formal adoption of reserve
and liquidity, debt management, and otherfinance policies in its
review of the Financial Management Practices Assessment. It
expressed faith in
the Citys management, stating We believe management will
continue to make the necessary
budget adjustments to maintain balanced operations, as well as
continue to adhere to its reserve
and debt management policies.
The rating service did make note of the Citys unsettled Union
contracts, expressing concern that this
could create downward pressure on finances. While it was pleased
that finance built contingency funding
into the budget to cover, S&P warned that it could lower the
rating if reserves deteriorate materially due
to ongoing labor negotiations.
Commissioner Madigan states: My conservative fiscal practices
have kept our bond rating high and
steady, and I will continue to provide this kind of leadership
for the City. Building reserves and
employee contracts were central to my 2012 Budget Message. I
budgeted to cover settlements, and have
encouraged the Mayor to complete negotiations, some languishing
since 2008. An AA+bond rating is
something to protect. It is outstanding, and I am very proud of
the City of Saratoga Springs.
The Director of Finance, Christine Gillmett-Brown, was a key
part of retaining such a high rating,
and the City owes much of its financial fortitude to the
existence of this position and her diligence.
