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Montgomery mayor says city has largest budget in history, cites Fitch AA rating and 5% merit pay increase
Summary
Mayor Steven L. Reed told a podcast audience the city’s budget is the largest in Montgomery’s history, highlighted a Fitch AA rating and said the city will implement a 5% merit increase for employees while maintaining about 20% reserves.
Mayor Steven L. Reed said Montgomery’s proposed budget is the largest in the city’s history and described the city as being in its strongest financial condition in decades. “The budget is the largest in the city's history,” Reed said, and added the city holds a “double A, bond rating from Fitch.”
Reed said the city maintains a reserve target of about 20 percent. “Having that at 20% is where, really it needs to be,” he said, describing those reserves as a “savings account” the city can use for long-term investments. Reed also…
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