City of Venice issued the following announcement on Aug. 25
Moody’s has affirmed the “Aa1” credit rating on the City’s General Obligation (GO) Bonds indicating a robust financial position. Moody’s report covers the city’s $15 million in outstanding Public Safety Improvements, Series 2017, and $15.6 million outstanding Transportation Improvements, Series 2017, that are backed by the City’s full faith and credit, and taxing power.
Moody’s report notes that the Aa1 rating signifies that the credit position for Venice is very high quality, and its Aa1 rating exceeds the median rating of Aa3 for U.S. cities. The key contributing factors include a robust financial position, a considerable tax base with a healthy wealth and income profile, and a manageable debt burden. The financial position is in line with the assigned rating of Aa1. The cash balance as a percentage of operating revenues (62.3%) is notably higher than the U.S. median, and remained the same between 2015 and 2019. Moreover, the City’s fund balance as a percent of operating revenues (38.4%) approximates the U.S. median.
“The City is committed to a strong fiscal financial plan,” said Linda Senne, Finance Director. “The affirmed rating reflects the strength and performance of the City’s financial plan.”
Original source can be found here.
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