At a time when financial institutions are crumbling, citizens are struggling to make ends meet, and the economy seems incredibly bleak, it's nice to know that our city's creditworthiness remains strong. And their excellent financial management benefits us as citizens by ensuring that the most money possible is available for community improvements, such as municipal capital projects like street improvement, parks and recreational facilities, and renovations to municipal buildings.
 
Three of the biggest of the big bond rating agencies (Standard & Poor’s, Fitch Ratings, and Moody's Investors Service) have each re-affirmed their ‘AAA’ bond rating for the City of Durham.
 
The ‘AAA’ debt rating is like an 800 FICO consumer score! It's the highest rating a municipality can receive, and just as a good credit score gives a consumer the best interest rates available, this 'AAA' rating allows Durham to borrow money at the lowest interest rates available.  Durham is one of less than 20 cities nationwide that has ‘AAA’ ratings from all three major bond rating agencies. That's incredible!
 
According to City Manager Patrick W. Baker, “We are extremely pleased to be cited yet again for our strong financial performance due to our conservative fiscal management. The ‘AAA’ rating is a strong indicator for our citizens that we diligently and efficiently manage their tax dollars.  Our ‘AAA’ rating allows us to issue GO bonds and provide our taxpayers with significant savings on the interest as we work to improve our community.”  In light of mismanagement of some of the country's largest financial institutions -- this give me, for one, incredible peace of mind -- not to mention local pride.
 
Oh, and I looked up "General Obligation (GO) bonds" on wikipedia:  A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government's pledge to use legally available resources, including tax revenues, to repay bond holders.
 
Among the reasons cited by the bonding agencies for Durham's AAA rating were the city’s conservative management practices, resulting in historically solid financial performances and a sound fiscal position, and the city's healthy economic position, including a sizeable tax base and diverse local economy supported in part by a stable institutional presence. I knew that diversity was good for Durham!!

I've said it before, and I'll say it again. Good Things are Happening in Durham! Congratulations to the City Manager and his staff for serving us well, and for a job well done!