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Budget director says Charlottesville retains AAA ratings; council briefed on ~$26.5M bond sale
Summary
Chrissy Hamill reported that both S&P and Moody's affirmed Charlottesville's AAA credit ratings and previewed a roughly $26.5 million bond sale to reimburse CIP projects and fund upcoming work; the sale was expected Aug. 18 with closing on Sept. 9.
Chrissy Hamill, budget director, told council that the city's credit quality remains strong with AAA ratings from both Standard & Poor's and Moody's and outlined the upcoming bond issuance.
Hamill said the city will be issuing roughly $26,500,000 tied to the five-year CIP to reimburse already incurred expenses and to fund near-term capital projects. She described what a credit rating measures and read highlights from the rating agencies' reports about fiscal management, reserves and risk factors. The preliminary offering statement will be released to potential investors, the sale is planned for Aug. 18 and the planned closing is Sept. 9.
Councilors asked clarifying questions about downside scenarios noted by the rating agencies and the flexibility to shift proceeds among eligible CIP categories; Hamill emphasized the sale is standard practice and that the city follows adopted debt and management policies.
