HARTFORD MAKES THE GRADE

FOR FISCAL RESPONSIBILITY

 

--NEWS RELEASE---

 

(June 7, 2007)--- Mayor Eddie A. Perez is pleased to share that the City of Hartford has once again received an “A” for its fiscal responsibility.  Moody’s Investors Service has assigned an A2 rating and stable outlook to New England’s Rising Star. 

Moody credits the City for rebuilding its fund balance over the last three years and notes its significant improvement in its financial health.  Expenses have been closely monitored and budgets have been balanced without using surplus money and by generating additional revenue.

Moody expects these positive financial trends to continue, highlighting reasonable debt levels and a fully funded pension system.  The fund balance of more than $33 million, plus a capital fund balance, brings Hartford’s available funds to pay debt to 9-percent of the budget, which is considered a reasonable amount for any Connecticut municipality.  This amount is nearly twice what it was in the 2003-2004 fiscal year.

Mayor Perez says, “Hartford continues to show it is improving and moving in the right direction.  Our investments in education and public improvements have been crucial to our financial health as well as providing increased opportunities for our residents.”

Next up:  The City will soon issue $70 million in bonds to fund school projects and infrastructure at reasonable rates.

To read the Moody report in its entirety, you can log on to Moody Investor Services at www.moodys.com