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Finance director reports early motor‑vehicle receipts, $80.9M in notes due Nov. 6; Fitch affirms AA+
Summary
Finance Director Diane told the joint meeting the city received $1.3 million in motor‑vehicle supplement receipts early, investment earnings of $510,000 year‑to‑date, and is managing $80,875,000 in short‑term bond anticipation notes due Nov. 6. Fitch affirmed the city’s AA+ rating; S&P review was pending.
Finance Director Diane reported that motor‑vehicle supplement receipts of $1,300,000 posted earlier than usual, improving the city’s cash position. She said convenience tax and building permit revenues are ahead of or in line with last year, and investment earnings total about $510,000 (roughly 22% of the budgeted amount for investment income).
Diane told the council the city has $80,875,000 in short‑term bond anticipation notes coming due Nov. 6 and outlined a plan to permanently finance roughly half of that amount next year while renewing short‑term borrowings for the remainder, noting roughly $100,000,000 in anticipated borrowing activity between notes and short‑term debt in the coming year as multiple projects proceed.
She said the city met with rating agencies last week; Fitch affirmed a AA+ rating on city bonds and issued a fuller report that the finance office would share with the council when available. The S&P rating action was pending committee action. Diane said Fitch’s strengths included a triple‑A financial resilience assessment and low long‑term liabilities; demographics and economic metrics were cited as relative weaknesses in Fitch’s written comments.
Diane also said auditors will be on site in a few weeks and staff are working toward a draft audit by Dec. 1.
