Earlier this month, Brecksville received a Aaa rating from Moody’s Investors Service, the best rating a city can get.
The rating is a “vote of confidence” for how the city’s legislators and administration handles Brecksville's finances, said Finance Director Virginia Price.
But the announcement isn’t just a feel-good award—it helps the city save money, Price said. The better the bond rating, the lower the interest rate the city can get on the bonds.
According to Moody's report, the Aaa rating is based on $5.8 million of general obligation various purpose improvement and refunding bonds. The service also affirmed the Aaa rating on $13.4 million of post-sale general obligation debt. The city’s financial strengths, as highlighted in the report, include a moderately sized tax base in the Cleveland area and a history of conservative actions in budgeting.
Mayor Jerry N. Hruby told council that it was a show of great faith for the service to continue to award the city with Aaa ratings, especially in these tough economic times.
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