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City reaffirms AAA rating, sells bonds at 3.69%; BET hears fund‑balance and $2M+ retro wage update
Summary
Finance staff told the Board the city’s AAA rating was reaffirmed by Moody’s and S&P, and a $53 million bond sale priced at a 3.69% interest rate; staff also reported FY25 retroactive wage payments exceeded $2 million and that the city expects a roughly $3 million deficit for FY25 to be covered in part from fund balance.
City finance staff reported on a recent bond sale and related budgetary developments at the Board of Estimate and Taxation meeting Sept. 15.
Jared summarized the financing: "We had the AAA rating or reaffirmed, stable from both, from both their rating agencies, Moody's and S and P," he said. The city sold bonds on Sept. 3 in a competitive process that produced 15 bids; the offering priced at a 3.69% interest rate on general obligation bonds. The bond par amount was $53 million; bond premium of about $2.5 million reduced the net amount issued closer to $50 million. Staff said maturities were matched to project useful lives, with an average…
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