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Finance director reports strong reserves, explains pension obligation bond impact on Corona’s debt picture
Summary
Finance Director Kim Sitton told the City Council that Corona’s bond rating and reserves are healthy, outlined debt-per-capita trends after the city issued pension obligation bonds, and said staff will provide a more detailed pension update before the annual trust report in January.
Finance Director Kim Sitton told the Corona City Council at the spring financial workshop that the city meets most of its financial policy targets, while also explaining how the 2022 pension obligation bond (POB) changes the city’s reported debt figures.
“We will definitely strive for that triple A rating,” Sitton said of the city’s credit goals, noting recent issuance earned a double-A-plus rating and that the city is “only one notch below it.”
Sitton walked council members through multiple performance metrics used by the city, including debt per capita, debt as a percent of legal limits and debt payments as a percent of operating budget. She said outstanding debt…
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