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City manager reports Moody's downgrade; council urged to prioritize reserves and staffing
Summary
City Manager reported Moody's lowered the city's bond rating citing low reserves, negative fund balances in some funds and staff transitions; council previously boosted reserves with CARES funds and a utility-rate increase, but the manager said a multi-year plan and staffing stability are needed to regain stronger ratings.
In the city manager's report, staff told the council that Moody's Investors Service downgraded Mount Pleasant's bond rating following review of the FY2023 audit.
The manager said Moody's noted eroded reserves across several funds and negative balances in some specialized funds, and flagged…
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