Arvada, CO . . . . On August 15, S&P Global Ratings raised its issuer credit rating to AAA from AA+ for the City of Arvada. In addition, S&P assigned its AA+ long-term rating to Arvada’s series 2016 certificates of participation.
The S&P report listed the following information as the foundation for their rating actions:
- Strong management, with good financial policies and practices under their Financial Management Assessment methodology.
- Strong budgetary performance, with an operating surplus in the general fund.
- Very strong budgetary flexibility, with an available fund balance in fiscal 2015 of 46% of operating expenditures.
- Very strong liquidity.
- Very strong debt and contingent liability position.
- Strong institutional framework.
S&P’s announcement states, “We consider Arvada’s economy very strong…..The city’s market value grew by 23.1% to $13.2 billion in 2015……We consider the city’s tax base very diverse….. the city’s management as strong, with good financial policies and practices.”
Arvada’s City Manager Mark Deven stated, “These ratings are a testament to the solid and conservative financial planning practices of the Arvada City Council during good and bad economic times.”