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Fairway reports stronger-than-expected October sales tax; S&P reevaluation underway
Summary
Nathan reported October sales tax of just over $223,000, above a $195,000 budget, and said city leaders and their financial advisor held a ratings call with S&P about population-based criteria; officials said they do not expect a ratings change and expect word next week.
Nathan, speaking for the administration and finance committee, told the council the city’s October sales tax revenue came in "just over $223,000," topping the budgeted $195,000 for the month.
He said that earlier in the day the mayor, Council member Joe, himself and financial advisor Dave Arterberry of Stifel took part in an hour-plus ratings call with Standard & Poor’s about recently changed criteria that flagged the city because its population is below 5,000. "We sort of got flagged," Nathan said, adding that the group provided more information about the community and does not expect the call to result in a rating change.
Mayor Melanie Hepperly praised Nathan’s presentation to S&P: "Nathan did an excellent job in presenting to them our financial position," she said, and expressed optimism the city will keep its current rating.
Context and next steps: Nathan said the city should hear back from S&P next week. No formal action was required or taken during the Nov. 12 meeting because the council lacked a quorum.
