Attention Redmond taxpayers! The City's S&P credit rating just moved up two levels to AAA! That's money in OUR pockets. The city will now pay lower interest rates which saves them money so we taxpayers can expect to benefit, too!According to the 8/17 Press Release, Mayor Marchione and the City Council paved the way for this rating increase by maintaining strong fiscal discipline during uncertain economic times. Microsoft is also credited for working closely with the City to provide the S&P analysts insights into their strategic relationship with the City.
There are only three other government jurisdictions in Washington State with this high a rating and they are all much larger than Redmond -- Bellevue, Seattle and King County. The U.S. government has a AAA rating!
Awesome work, Mayor John Marchione and staff! Thank you Council! We taxpayers love it!
Part II, 8/18 - City Council voted tonight to sell & issue $34 Million bonds to fund various downtown transportation projects, including Bear Creek Pkw. Extention. The average interest rate was 4.29% and no bond insurance was required. Allen and Vache stated capital costs will be capped and cost escalation can be controlled by borrowing. Margeson said borrowing will jump-start our critical goal goals for developing the downtown. President McCormick said it will save taxpayers money. Cole said the city has never borrowed before but it is necessary now.
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