City of Gainesville’s credit rating downgraded

Press release from City of Gainesville

GAINESVILLE, Fla. – Moody’s Investors Service has downgraded the City of Gainesville, FL’s issuer credit rating to Aa3 from Aa2. Concurrently, Moody’s has confirmed without any change the City’s Aa3 non-ad valorem rating, which is applied to the City’s outstanding bonds secured by a covenant to budget and appropriate legally available non-ad valorem revenues. The outlook is stable.

This review was part of a change in Moody’s rating methodology for U.S. Cities and Counties. This now incorporates enterprise fund debt (Gainesville Regional Utilities) among the other rating metrics. In the case of the City, 80 percent of the overall debt is backed by the City’s combined utility. 

The stable outlook reflects the likelihood that the City will continue to maintain a stable financial position given the strong underlying economy and revenue growth.

The issuer rating reflects the City’s ability to repay debt obligations without consideration of any pledge, security, or structural features.

As always, the City is sharply focused on its finances and is continuing to stay on track following the late filing of last year’s 2021 Annual Comprehensive Financial Report. That delay led to a reminder from the Florida Joint Legislative Auditing Committee (JLAC), instructing the City to file by the Dec. 19, 2022, extended deadline, a deadline which the City successfully met.

On Thursday, Feb. 9, Mayor Harvey Ward and staff will travel to Tallahassee to share with JLAC the progress the City has made as it works to complete its next financial report by the June 2023 State of Florida deadline.

  • Yet they raise their pay to one of the highest in the state. Look out here comes another GRU rate increase

    • Yeah, they get downgraded and give themselves a raise. It’s supposed to be the other way around….3 of them wear those ridiculous masks like criminals hiding their faces when committing a crime…it’s the Fascist Marxist flag and it’s worn over their faces like how the Nazi’s wore the swastika armband…don’t be fooled, it’s a political statement for new world order great reset global totalitarianism…”you will own nothing and be happy”.

      • “I wear a mask to protect you, you wear a mask to protect me”—what total Commie BS. The GNV CC needs to stay within their jurisdiction inside the city’s urban services boundary line, not push great reset, CO2 regulation, UN, WHO, & Shwab’s WEF ideology…the WHO wants world power to call a quarantine and usurp our nations sovereignty. We
        cannot survive another shutdown of our economy….things are getting expensive at the grocery store…one more supply chain interruption and it could be “Mad Max”….

        • Food processing plants are being taken out one by one. There was a big fire last weekend at an egg producing facility where 100,000 hens were killed. It took 20 fire departments to put it out. But it was barely in the news. Two small planes just happened to randomly crash into two other food processing plants in the last couple of weeks. And Biden was boasting about increasing food shortages. Get ready to house a family of illegals in your home if you want any food (possibly).

  • Buckle up for another downgrade once the JLAC meets these fools in person. Poe’s legacy will be COG losing GRU and thier kickbacks. Chickens coming home to roost.

  • Harvey “Two Face” will be going to Tallahassee to continue his debauchery and deceitful ways.

    If he was my father and he was all I had to look up to…

    Thank God he’s not.

  • Dem city playbook going well as planned. Soon the WEF illuminati will get Blackrock in to take over and *liquidate* assets.

    • You got it…it ain’t conspiracy theory either…the WEF wants to use medical tyranny with the WHO
      To shut down the planet…Blackrock is in the picture…they could shut down the gas refineries
      Whenever they want…no food in stores or gas at the pump…never thought this could happen to the US dollar or the USA. If there’s martial law, they will take everything you got for the “greater good” and put you in a FEMA camp.

  • Lowered debt rating = higher interest rates. Bragging about “progress” on much delayed financial statements, poor oversight, and several condemnation audits = idiocy at the top. Doubling salaries for this level of leadership is OUTRAGEOUS!

  • What do people expect from a bunch of fiscally incompetent idiots? Too bad we can’t flush them down the same hole they’re taking the community.

    Gainesville wasn’t always the sh!thole they’ve turned it into. Thanks to the Hanrahans, Poes & now Ward types running things, the stench is becoming worse than ever.

    Liberal lemmings trying to find someone to blame – go look in the mirror.

  • This is for Harvey & the others who have betrayed the community’s trust…even Judas recognized what he had done.

  • Does anyone know if there is a way for the public to challenge the salary increases that the gainesville city commission gave themselves? Does the charter have to be amended? Thanks!

  • The default is coming. Still don’t understand the mask comments though. Do you feel the same about seatbelt wearing which is required by law?

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