Fiscal stability is at the core of everything we do.
- My administration worked from Day 1 to build back up the stabilization fund in order to increase our bond rating.
- I have been working with city departments and city unions to keep growth year-over-year within the confines of the tax levy.
- My administration has been working aggressively to secure grants where ever possible to enhance the quality of life in Attleboro without straining our budget. We have leveraged grants to clean up brown fields and build a transit station, upgrade the high school track and field stadium, and more recently to put technology in the schools and rehabilitate our city parks.
I invite you to read what Standard and Poors had to say about our financial management in the bond rating report from April, 2017
The rating reflects our opinion of the city’s:
- Strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
- Strong management, with good financial policies and practices under our Financial Management Assessment (FMA) methodology;
- Strong budgetary performance, with balanced operating results in the general fund and a slight operating surplus at the total governmental fund level in fiscal 2016;
- Adequate budgetary flexibility, with an available fund balance in fiscal 2016 of 6.5% of operating expenditures;
- Very strong liquidity, with total government available cash at 21.1% of total governmental fund expenditures and 7.7x governmental debt service, and access to external liquidity we consider strong;
- Strong debt and contingent liability position, with debt service carrying charges at 2.7% of expenditures and net direct debt that is 11.0% of total governmental fund revenue, as well as low overall net debt at less than 3% of market value and rapid amortization, with 90.8% of debt scheduled to be retired in 10 years, but significant medium-term debt plans and a large pension and other postemployment benefit (OPEB) obligation and the lack of a plan to sufficiently address it; and
- Strong institutional framework score.
S&P Raises Bond Ratings Of 5 Mass. Cities
January 4, 2014 1:56 PM
Attleboro’s bond rating gets a boost
Upgrade will ease borrowing costs
BY GEORGE W. RHODES SUN CHRONICLE STAFF Dec 20, 2013