The financial rating agencies of Moody's and Standard and Poor's confirmed Madison's financial condition on Friday by maintaining its strong ratings. Moody's affirmed its Aa2 rating and Standard and Poor's affirmed their AA - Stable score.
"Madison continues to show solid fiscal responsibility, keeping expenses in check while still showing strong results for our citizens” said Madison Mayor Paul Finley. “By balancing stable finances, satisfactory reserves and manageable debt we provide a very positive plan for our future.”
Last week, Mayor Paul Finley, Councilman Larry Vannoy who is the chairman of the Finance Committee, and Amy Furfori, Director of Community Development and Planning met with both financial institutions to discuss the City's upcoming bond issue and to give them the current state of Madison affairs. The current economic climate has cast doubtful shadow's over municipal finances and the rating agencies are scrutinizing cities more than ever. Because of its fiscal conservative approach and disciplined spending, Madison was commended for being so solid.
“I applaud our Finance Director Lillie Causey and our city department heads for their efforts with this budget” said Councilman Larry Vannoy. “The city team did an excellent job putting together a package that hit the mark on what the rating agencies were looking for.”
The City anticipates issuing bonds next month to support an economic development project along Highway 72 and these ratings ensure a low interest rate on those bonds.