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Virginia Beach hears financial review, staff say city can absorb up to $1.3 billion in planned borrowing
Summary
Davenport and new finance deputy director Nikki Griffith told the City Council Virginia Beach retains AAA ratings but should guard fund balance while phasing roughly $1.3 billion in borrowing over five years; authorization for the next issue is scheduled for Jan. 6.
Virginia Beach City Council received a year-end financial briefing Tuesday that described the city’s finances as strong and detailed plans to borrow for a slate of large capital projects over the next five years.
Kyle Laux of Davenport, the city’s financial adviser, told council members Virginia Beach carries AAA ratings from Moody’s, Standard & Poor’s and Fitch because of a sizable and diverse tax base, conservative budgeting and established policies. He also warned that reserve and liquidity levels are modest compared with some AAA peers and that exposure to Department of Defense funding changes is monitored.
“On the next several years we have a bunch of stuff…
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