(TROY, MI) – The City of
Troy has received once again an impressive “AAA” bond rating from Standard
& Poor’s on its General Obligation (GO) Bonds.
Standard & Poor’s Summary Report
notes a stable outlook reflecting the expectation that, given the new tax
limitations that will suppress future property tax revenue growth, management
will exert strong fiscal controls to protect its financial position. Troy’s financial performance remains strong
and the City’s participation in the diverse Oakland County economy supports the
outlook.
John M. Lamerato, Assistant City
Manager – Finance Administration referred to Standard & Poor’s Summary
Report that detailed positive aspects of Troy’s economy, “Troy has a deep and
diverse local employment and tax bases, which contribute to low unemployment
rates and a relatively low tax rate, very high wealth and income levels, strong
financial operations guided by sound policies and moderate debt burden.”
Mayor Schilling compliments
City Manager, Phil Nelson, Assistant City Manager/Finance & Administration
John Lamerato and Financial Services Director James Nash for their exemplary
skill and management of our financial assets of the City of Troy. “We are
proud to receive the Standard & Poor’s AAA designation on our General
Obligation Bonds,” said Mayor Schilling.
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