Arvada, CO . . . . On February 13, Fitch Ratings reaffirmed the City of Arvada’s AAA rating for sales/use tax revenues. This rating is associated with the series 2009 and 2013 bonds.
The Fitch report listed the following information as the foundation for the reaffirmed rating:
- Strong financial outlook characterized by large reserves, ample liquidity and resilient revenue sources
- Sales tax concentration was largely stable during the last recession
- Cash funded capital program that does not rely too heavily on debt financing
- Strong financial practices that include a biennial budget and 10 year financial plan
Fitch’s announcement regarding the reaffirmation states, “The City’s strong financial management practices have produced positive financial operations each year before consideration of transfers for capital outlay. Arvada’s biennial budget includes the development of a conservative 10-year financial projection.”
Arvada’s City Manager Mark Deven stated, “This reaffirmation is a testament to the solid and conservative financial planning practices of the Arvada City Council during good and bad economic times.”
Only five Colorado cities have AAA ratings with Fitch, Moody’s, or S&P for any of their credits: Arvada, Boulder, Denver, Lafayette, and Fort Collins.
Additional information is available at www.fitchratings.com.
- by City Manager