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S&P Global upgrades City rating with a stable outlook.
The City of Lawrenceville announces that S&P Global has upgraded the municipality’s credit rating to AA with a stable outlook. The upgrade reflects the City’s improved financial management practices as well as its recent and future development projects which were projected to spur continued economic expansion and increase the City’s utility customer base and property values in the area.
City Manager Chuck Warbington explained, “The City is in a very strong financial position when it comes to transparency and preparedness. The Citizens Finance Review Committee together with our staff have done an excellent job organizing our finances so that the community at-large can understand where we are investing their funds and how those investments will return to their City. This major shift in internal best-practices along with a more strategic public engagement process laid the foundation for our upgraded rating.”
S&P Global considered a multitude of factors including the area’s growing economic health, strong institutional financial policies and management, solid budgetary performance with flexibility and an overall strengthening in municipal management. S&P’s report cited the city’s management as being “very strong, with strong financial policies and practices under [S&P’s] Financial Management Assessment (FMA) methodology”.
Warbington added, “What is most exciting about this news is that we have been able to upgrade our credit rating without increasing the tax burden on our residents. Thanks to the leadership and vision of Mayor and Council, a sound enterprise operation with a balanced millage rate continue to keep the City in a solid economic position with a positive outlook for our future.”
A copy of S&P Global’s executive summary can be found on the City’s website at here.