Rochester Hills Receives Second ‘AAA’ Rating from Standard and Poor’s

Rochester Hills, Michigan – The City of Rochester Hills is proud to announce that it has received a second ‘AAA’ Rating from Standard and Poor’s, a leading global rating agency, making it the evaluation in the last 90 days. The review from S&P affirms the ‘AAA’ rating, with a stable outlook on the city’s Michigan Transportation bonds, series 2001.

According to S&P’s assessment, key rating drivers include; statewide collection of pledged revenues distributed back to the city; generally stable gas and weight tax receipts; and no expectation of any new additional debt needs, which will maintain very high debt service coverage.

“We are very pleased that the rating agencies are recognizing all the hard work that the Administration and City Council have put into keeping the city on a strong financial footing” states Keith Sawdon, Director of Finance.

The city has moved to multi-year budgeting and recently approved the Fiscal Year 2011, FY2012, and FY2013 budget. This multi-year approach allows the city to be proactive rather than reactive. The FY2011 budget reduced revenues by 9% and reduced expenditures by 12% with no appropriation of fund balance.

“In 2010 we added 27 new businesses, creating more than 1200 new jobs and strengthening our employment base,” states Mayor Bryan K. Barnett. The Mayor went on to say, “we have also seen an increase in our commercial and industrial activity, including a 28% increase in building permits and a decline from 15% to 10% in our commercial vacancy rates this year.”

Established in 1984, the City of Rochester Hills is a prosperous community offering residents and businesses superior services. Voted one of the top places to live by several sources including CNN Money magazine and, Rochester Hills is committed to sustaining its position among the nation’s preeminent places to live, work and raise a family. Through the city’s focus on health, education and technology, the community continues to attract forward-thinking leaders and businesses.

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