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New Moody’s Report Indicates Exceptionally Healthy Economy & Tax Base
A recent report by Moody’s Investors Service indicated that the City’s credit position and the City’s Water & Sewer credit position remain rated Aaa, the highest possible rating out of 10 grade levels. Citing an “exceptionally healthy economy and tax base,” the report went on to say that Boca Raton’s tax base of 29.7 billion is “significantly stronger” than the US median, and that the median family income of city residents is “very strong.”
Comments on Boca Raton’s Water & Sewer credit position are listed as “outstanding,” indicating that its Aaa rating far surpasses the median rating of Aa3 for US water and wastewater systems. The financial position of the Boca Raton Water and Sewer is “exceedingly healthy and consistent with its Aaa rating.”
Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies. The company ranks the creditworthiness of borrowers using a standardized ratings scale.
The City’s goal to remain Financially Sound is reaffirmed each year as a priority in the annual strategic planning session. A strong focus is placed on maintaining high property values, seeking diversity in revenue sources, expanding the economy and job opportunities and maintaining the Aaa bond ratings. A strong financial position ensures ongoing infrastructure, public safety, municipal and recreational needs are met, and that the City is prepared for emergencies. A strong financial position provides the City the agility to seize opportunities that enhance the quality of life in Boca Raton.