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The rating follows the recent Standard and Poor's agency rating that also affirmed their own AA- long-term bond rating for Rochester. The City's high grades result in lower interest rates and signals stability to businesses and investors, which is essential for drawing investment, development, and jobs to Rochester.
Fitch determined that the City met its spending targets and finished the year below budget, ending fiscal 2022 with a $12.5 million general fund surplus increasing general fund reserves to $111.5 million, 20.3% of general fund spending and transfers. The report concluded that the City's anchor institutions in higher education and healthcare are dependable and provide reliable economic foundations.
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Fitch cited "the city's significant independent revenue raising ability, flat revenue growth prospects, solid expenditure controls and moderate long-term liability" as contributions to the AA- rating. They also noted that the city has built and maintained solid reserves over the course of the recent economic recovery and is well positioned to handle pandemic-related revenue pressures in the near term.
Mayor Evans concluded by saying that this evaluation is an indication that their efforts to create a safe, equitable and prosperous Rochester are working.
Filed Under: Government, City
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