As of Friday, June 21, 2013
© Copyright 2013
Gwinnett Daily Post
SUWANEE -- In maintaining a trend, Fitch Ratings recently affirmed the city of Suwanee's general obligation bond rating at AA+.
The city has maintained that rating by the global agency since it saw three increases in about a year and a half period in 2010 and 2011. The latest report said the the city "has a solid history of conservative budgeting, and its consistently strong reserve levels are evidence of prudent financial management." Fitch's review follows similar ratings in recent years from Standard and Poor.
Fitch reviewed Suwanee's finances and offered a "stable" rating outlook.
"A double-A-plus for an organization and community of our size is a really strong rating," Financial Services Director Amie Sakmar said. "We're proud that our strong, conservative practices, policies and forecasting have been so recognized by Fitch Ratings."
In a news release, Fitch highlighted Suwanee's conservative budgeting practices, consistent operating results and maintenance of reserves among policy levels that reinforce financial flexibility and performance.
The city holds $19.6 million in general obligation and revenue bonds. They were used to fund the acquisition of greenspace and development of parks through Suwanee's open space initiative and construction of City Hall, which opened at Town Center in 2009.
The City Council is expected to adopt a $12,164,990 million proposed budget on Tuesday.